Bitcoin BTC/USD are trading at 5891 and continue to move as part of the growth and the beginning of the «Triangle» model. Cryptocurrency capitalization at the time of the publication of the forecast is $105 617 745 894. Moving averages indicate the presence of an upward trend in Bitcoin. As part of the cryptocurrency exchange rate forecast, we should expect an attempt to fall and a test of the support level near the area of 5745. 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 6250.
Bitcoin Forecast and Analysis BTC/USD May 8, 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 exchange rate growth option will be a fall and a breakdown of the 5500 area. This will indicate a breakdown of the support area and a continued depreciation of Bitcoin with a potential target at 5250. With the breakdown of the resistance area and the closure of cryptocurrency quotes above the level of 5965, we should expect confirmation of growth of the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD May 8, 2019 implies an attempt to test the support level near 5745. And further cryptocurrency growth continues with a potential target at 6250. 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 growth of cryptocurrency will be the fall and the breakdown of the area of 5500. This will indicate a continued decline with a potential target below 5250.
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