BTC/USD are trading at 55425 and continue to move as part of the correction and the formation of the bullish ”Wolfe Wave” pattern. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $1,033,174,785,257. Moving averages indicate a short-term bearish trend for Bitcoin. Prices broke through the area between the signal lines down again, which indicates pressure from the sellers of ”Digital Gold” and a potential continuation of the fall in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, May 6, 2021, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the 46255 area. Where should we again expect a rebound and an attempt to grow the Bitcoin rate with a target above the 66405 area.
Bitcoin Forecast and Analysis BTC/USD May 7, 2021
An additional signal in favor of raising the BTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish Wolfe Wave pattern. Cancellation of the option to raise the rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the 38505 area. This will indicate a breakdown of the support area and the continuation of the fall in the Bitcoin rate with a potential target at 35005. With the breakdown of the resistance area and closing of cryptocurrency quotes above the level of 59805.
Bitcoin Forecast and Analysis BTC/USD May 7, 2021 implies an attempt to test the support level near the 46255 area. And further, the cryptocurrency will continue to grow with a potential target at 66405. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 38505 area. This will indicate a continued decline with a potential target below the 35005 area.
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