BTC/USD are trading at 9709 and continue to move as part of the correction and the formation of the «Double Top» reversal pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $178 152 362 889. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. Prices pushed from the area between the lines up, indicating pressure from the buyers of Digital Gold. As part of the cryptocurrency rate forecast for May 19, 2020, we should expect an attempt to continue the growth of the digital asset value and a test of the resistance level near the area of 9985. Where again we should expect a rebound and an attempt to continue the decline of the Bitcoin rate with a target below the area of 7465.
Bitcoin Forecast and Analysis BTC/USD May 19, 2020
An additional signal in favor of falling BTC/USD quotes will be a test of a downward trend line on the relative strength index (RSI). The second signal will be a rebound from the resistance level. Cancellation of the option to drop the Bitcoin exchange rate and value will be a strong growth and a breakdown of the area of 10295. This will indicate a breakdown of the resistance area and the continuation of the rise in the Bitcoin rate with a potential target at 10955. With the breakdown of the support area and closing of cryptocurrency quotes below the level of 8015, we should expect confirmation of a fall in the digital rate asset and start working out the «Double Top» model.
Bitcoin Forecast and Analysis BTC/USD May 19, 2020 suggests an attempt to test the resistance level near the area of 9985. And then, the cryptocurrency will continue to fall with a potential target at the level of 7465. An additional signal in favor of the Bitcoin exchange rate will be the resistance line test on the relative strength index (RSI). Cancellation of the option of falling cryptocurrency will be a strong growth and the breakdown of the area of 10295. This will indicate a continuation of the rise with a potential target above the area of 10955.
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