Bitcoin BTC/USD ends the trading week at the level of 57044, continues to move as part of the fall and the development of the “Wedge” reversal pattern. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of 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 59505. 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 42055.
Bitcoin Forecast and Analysis May 10 — 14, 2021
An additional signal in favor of a fall in BTC/USD quotes in the current trading week, the week May 10 — 14, 2021 will be a rebound from the lower border of the broken channel. The second signal will be a rebound from the trend line on the indicator relative to the strength (RSI), which was previously broken down. Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the area of 61605. 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 75255. Confirmation of the development of the downward movement will be a breakdown of the support area and closing of quotations below the level of 51055.
Bitcoin Forecast and Analysis May 10 — 14, 2021 suggests an attempt at a resistance area near the level of 59505. Then, the cryptocurrency will continue to fall to an area below the level of 42055. An additional signal in favor of a decline in the Bitcoin exchange rate in the current trading week will be a test of the resistance line on the relative strength. Cancellation of the option of falling Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the 61605 area. In this case, we should expect a continuation of the rise with a target at 75255.
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