Bitcoin BTC/USD ends the trading week at the level of 50641, continues to move as part of the fall and the formation of the bullish ”Wolfe Wave” 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 decline and test the support area near the level of 44055. Where can we expect a rebound and continued growth in the Bitcoin exchange rate with a potential target above the level of 67055.
Bitcoin Forecast and Analysis May 17 — 21, 2021
An additional signal in favor of raising the BTC/USD quotes in the current trading week, the week May 17 — 21, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the trend line on the indicator relative to the strength (RSI). Cancellation of the Bitcoin rise option will be a fall and a breakdown of the area of 38055. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 30505. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotations above the level of 54055.
Bitcoin Forecast and Analysis May 17 — 21, 2021 suggests an attempt at a support area near the level of 44055. Then, the cryptocurrency will continue to grow to the area above the level of 67055. An additional signal in favor of an increase in the Bitcoin rate in the current trading week will be a test of the support line on the relative strength. Cancellation of the growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 38055 area. In this case, we should expect a continued decline with a target at 30505.
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