Bitcoin BTC/USD ends the trading week at the level of 36683, continues to move within the fall and the downtrend channel. Moving averages indicate a bullish trend. However, prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall in the asset’s quotes. At the moment, we should expect an attempt to develop a rise and test the resistance area near the level of 42205. Where can we expect a rebound again and the continuation of the fall in the Bitcoin rate with a potential target below the level of 15565.
Bitcoin Forecast and Analysis June 7 — 11, 2021
An additional signal in favor of a fall in BTC/USD quotes in the current trading week, the week of June 7 — 11, 2021, will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the downtrend line on the relative strength index (RSI). Cancellation of the Bitcoin decline option will be a strong growth and a breakdown of the area of 47055. This will indicate a breakdown of the resistance area and a continued rise in BTC/USD quotes with a potential target above the level of 62505. Confirmation of the development of a downward movement will be a breakdown of the support area and closing of quotations below the level of 28455.
Bitcoin Forecast and Analysis June 7 — 11, 2021 suggests an attempt at a resistance area near the level of 42205. Then, the cryptocurrency will continue to fall to the area below the level of 15565. An additional signal in favor of a decline in the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength. Cancellation of the option to reduce Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the 47055 area. In this case, we should expect a continuation of the rise with the target at 62505.
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