Bitcoin BTC/USD are traded at 8036 and continue to move within the growth and bullish channel. Cryptocurrency capitalization at the time of the publication of the forecast is $140 831 596 793. Moving averages indicate a bitcoin uptrend. As part of the cryptocurrency exchange rate forecast for tomorrow, May 16, 2019, we should expect an attempt to develop a downward correction and a support level test near the 7750 area. Where can we expect a rebound again and an attempt to continue the growth of the Bitcoin rate with a target above the 8950 area.
Bitcoin Forecast and Analysis BTC/USD May 16, 2019
In favor of the growth of BTC/USD quotes, a test of the rising trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the Bitcoin growth rate will be a fall and a breakdown of the 7305 area. This will indicate a breakdown of the lower boundary of the upward channel and a continued decline of the Bitcoin rate with a potential target at 6650. With the breakdown of the resistance area and the closure of cryptocurrency quotes above the 8405 rate.
Bitcoin Forecast and Analysis BTC/USD May 16, 2019 suggests an attempt to test the support level near 7750. And then the cryptocurrency will continue to grow with a potential target at 8950. An additional signal in favor of raising the Bitcoin rate will be a test of the rising trend line on the relative strength index (RSI). Cancellation of the option of cryptocurrency growth will fall and the breakdown of the area 7305. This will indicate a continued decline with a potential target below 6650.
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