Bitcoin BTC/USD ends the trading week at 9834 and continues to move as part of strong growth and the formation of a «Head and Shoulders» reversal pattern. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines up, which indicates pressure from buyers of the asset. At the moment, we should expect an attempt to continue the correction and test the resistance area near the level of 10050. Where again we should expect a rebound and the continuation of the fall of the Bitcoin rate with a potential target below 6455.
Bitcoin Forecast and Analysis May 11 — 15, 2020
In favor of the fall in BTC/USD quotes in the current trading week May 11 — 15, 2020 a rebound from the resistance area on the price chart will be made. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 11005 area. 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 13555. A confirmation of the development of a downward trend will be a breakdown of the support area and closing of quotations below 7865.
Bitcoin Forecast and Analysis May 11 — 15, 2020 suggests an attempt at the resistance area near the level of 10050. Then, the cryptocurrency will continue to fall to the area below the level of 6455. An additional signal in favor of the depreciation of Bitcoin in the current trading week will be the resistance line test on the relative strength index (RSI). Cancellation of the option of falling Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the area of 11005. In this case, we should expect the continuation of the rise with the target at the level of 13555.
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