Bitcoin Forecast and Analysis BTC/USD May 8, 2020

BTC/USD are trading at 9452 and continue to move as part of the growth and bullish channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $176 202 372 814. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. Prices pushed from the area between the lines, indicating pressure from «Digital Gold» buyers. As part of the cryptocurrency rate forecast for tomorrow, May 8, 2020, we should expect an attempt to correct the value of the digital asset and test the support level near the area of ​​9055. 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 ​​10535.

Bitcoin Forecast and Analysis BTC/USD May 8, 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 bullish channel. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 9050 area. 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 8305. With the breakdown of the resistance area and the cryptocurrency quotes closing above 9855, we should expect confirmation of a rise in the digital asset rate.

Bitcoin Forecast and Analysis BTC/USD May 8, 2020 implies an attempt to test the support level near the area of ​​9055. And then, the cryptocurrency will continue to grow with a potential target at 10535. 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 9050 area. This will indicate a continued decline with a potential target below the 8305 area.

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