Bitcoin BTC/USD traded at 8707 and continue to move in the framework of strong growth and the beginning of the development of the «Triangle» model. Cryptocurrency capitalization at the time of the publication of the forecast is $154 493 288 193. Moving averages indicate a bullish Bitcoin trend. As part of the cryptocurrency exchange rate forecast for May 29, 2019, we expect an attempt to develop a correction and a test of the support level near the area of 8405. Where again we expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 9855 area.
Bitcoin Forecast and Analysis BTC/USD May 29, 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 upper limit of the model «Triangle». Cancellation of the Bitcoin rate growth option will be a fall and a breakdown of the 7820 area. This will indicate a breakdown of the lower border of the model and a continued decline in the Bitcoin rate with a potential target at 6750. With the breakdown of the resistance area and the closure of cryptocurrency quotes above the 9150 rate, we should expect confirmation of growth of the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD May 29, 2019 implies an attempt to test the support level near the 8405 area. And further cryptocurrency growth continues with a potential goal of 9855. 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 cryptocurrency growth option will be a fall and a breakdown of the 7820 area. This will indicate a continued decline with a potential target below 6750.
