Bitcoin BTC/USD are trading at 5624 and continue to move as part of the formation of the «Triangle» model. Cryptocurrency capitalization at the time of the publication of the forecast is $100 756 369 902. Moving averages indicate a bitcoin uptrend. At the moment, we should expect an attempt of growth and a test of the support level near the area of 5525. 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 6100.
Bitcoin Forecast and Analysis BTC/USD May 7, 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 lower boundary of the «Triangle» model. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 5400 area. This will indicate a breakdown of the support area and a continued depreciation of Bitcoin with a potential target at 5150. With the breakdown of the upper limit of the «Triangle» model and the closure of cryptocurrency quotes above the 5860 level, we should expect confirmation of the growth digital asset.
Bitcoin Forecast and Analysis BTC/USD May 7, 2019 implies an attempt to test the support level near 5525. And further cryptocurrency growth continues with a potential goal of 6100. 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 option of cryptocurrency growth will fall and the breakdown of the 5400 region. This will indicate a continued decline with a potential target below 5150.
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