Bitcoin BTC/USD ends the trading week at 8220 and continues to move as part of the growth and bullish channel. Quotes will continue to test the resistance of 8000. Moving averages indicate a bullish trend. An important support area is located near the 7000 level. At the moment, we should expect an attempt to correct and test the support area near the 7215 level. Where can we expect a rebound again and an attempt to continue the growth of the Bitcoin rate with a potential target above the level of 10550.
Bitcoin Forecast and Analysis June 3 — 7, 2019
In the current trading week of 3–7 June 2019, a test of the rising trend line on the relative strength index (RSI) will be in favor of raising the BTC/USD quotes; the indicator values have already been repelled from this line. The second signal will be a rebound from the lower boundary of the bullish channel. The cancellation of the Bitcoin growth option will be a fall and a breakdown of the area of 6050. This will indicate a breakdown of the lower boundary of the ascending channel and the continuation of the fall of BTC/USD with a potential target below 4850. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotes above the level of 9425.
Bitcoin Forecast and Analysis June 3 — 7, 2019 suggests an attempt to support the area near the level of 7215. Then, the continued growth of cryptocurrency to an area above the level of 10550. An additional signal in favor of raising the Bitcoin rate will be the test of the support line on the relative strength index (RSI). The cancellation of the Bitcoin cryptocurrency quotes growth option will be a fall and a breakdown of the 6050 area. In this case, we should expect a further decline with the target at the level of 4850.