BTC/USD are trading at 8805 and continue to move as part of the growth and upward channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $162 699 157 139. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. Prices have gone far up from the area between the lines, indicating pressure from Digital Gold buyers. As part of the cryptocurrency rate forecast for tomorrow, May 5, 2020, one should expect an attempt to correct the value of the digital asset and test the support level near the area of 7955. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the area of 11150.
Bitcoin Forecast and Analysis BTC/USD May 5, 2020
An additional signal in favor of the growth of BTC/USD quotes will be a test of the upward trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the area of 6905. This will indicate a breakdown of the lower boundary of the rising channel and a continuation of the fall of the Bitcoin rate with a potential target at 6105. With the breakdown of the resistance area and the cryptocurrency quotes closing above 9505, we should expect confirmation of a rise in the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD May 5, 2020 implies an attempt to test the support level near the area of 7955. And then, the cryptocurrency will continue to grow with a potential target at 11150. An additional signal in favor of the Bitcoin appreciation will be the support line test on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the area of 6905. This will indicate a continued decline with a potential target below the area of 6105.
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