Bitcoin BTC/USD ends the trading week at the level of 6282 and continues to move through strong growth and a rising channel. Quotes were able to break through an important resistance area at 6000. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to reduce and test the support area near the level of 5720. Where again we should expect a rebound and an attempt to continue the growth of the Bitcoin rate with a potential target above the level of 7600.
Bitcoin Forecast and Analysis May 13 — 17, 2019
In the current trading week of May 13 — 17, 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 second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 5200 area. 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 the level of 4150. Confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotes above 6450.
Bitcoin Forecast and Analysis May 13 — 17, 2019 suggests an attempt at the support area near the level of 5720. Then, the continued growth of cryptocurrency to an area above the level of 7600. 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 growth option of Bitcoin cryptocurrency quotes will be the fall and the breakdown of the 5200 area. In this case, we should expect a further decline.