BTC/USD are trading at 45430 and continue to move as part of the fall and the formation of the bullish Wolfe Wave pattern. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $838,750,992,911. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines down again, which indicates pressure from the sellers of “Digital Gold” and the 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 18, 2021, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the 43005 area. Where again should we expect a rebound and an attempt to increase the Bitcoin rate with a target above the 63505 area.
Bitcoin Forecast and Analysis BTC/USD May 18, 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 37055 area. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 32505. A confirmation of the rise in the asset price will be a breakdown of the upper curtain of the descending channel with the price fixing above the level of 48005.
Bitcoin Forecast and Analysis BTC/USD May 18, 2021 suggests an attempt to test the support level near the 43005 area. And further, the cryptocurrency will continue to grow with a potential target at 63505. 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 37055 area. This will indicate a continued decline with a potential target below the 32505 area.
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