BTC/USD are trading at 58129 and continue to move as part of the correction and the formation of the bullish ”Wolfe Wave” pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $1,082,330,984,451. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines up again, which indicates pressure from buyers of ”Digital Gold” and a potential continuation of the fall in the value of the asset already from the current levels. As part of the cryptocurrency rate forecast for tomorrow, May 11, 2021, we should expect an attempt to develop a decline in the value of a digital asset and a test of the support level near the 44205 area. Where should we again expect a rebound and an attempt to grow the Bitcoin rate with a target above the 64505 area.
Bitcoin Forecast and Analysis BTC/USD May 11, 2021
An additional signal in favor of raising the BTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the bullish ”Wolfe Wave” pattern. Cancellation of the option to raise the rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 38305. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 35005. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 59805.
Bitcoin Forecast and Analysis BTC/USD May 11, 2021 suggests an attempt to test the support level near the 44205 area. And further, the cryptocurrency will continue to grow with a potential target at 64505. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 38305 area. This will indicate a continued decline with a potential target below the 35005 area.
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