Bitcoin BTC/USD are trading at the level of 5365 and continue to move as part of the formation of the «Head and Shoulders» reversal pattern. Cryptocurrency capitalization at the time of the publication of the forecast is $96 549 678 554. Moving averages indicate the presence of an upward trend in Bitcoin. At the moment, we should expect an attempt to grow and test the resistance level near the 5405 area, where the right shoulder of the model will be completed. Where can we expect a rebound again and an attempt to continue the fall of the Bitcoin rate with a target below the level of 4395.
Bitcoin Forecast and Analysis BTC/USD May 3, 2019
In favor of reducing the BTC/USD quotes, a test of the downward trend line on the relative strength index (RSI) will come out. The second signal will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the Bitcoin exchange rate decline will be a strong growth and the breakdown of the 5750 area. This will indicate the breakdown of the resistance area and the continued rise of the Bitcoin rate with the potential target at 6245. With the breakdown of the support area and the closure of cryptocurrency quotes below the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD May 3, 2019 implies an attempt to test the resistance level near 5405. And then the cryptocurrency will continue to fall with a potential target of 4395. An additional signal in favor of Bitcoin depreciation will be a test of the downward trend line on the relative strength index (RSI). Cancellation of the option to reduce cryptocurrency will be a strong growth and the breakdown of the area of 5750. This will indicate a continuation of the rise with a potential goal above 6155.
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