Bitcoin Forecast and Analysis May 18 — 22, 2020


Top Forex Brokers

Bitcoin BTC/USD ends the trading week at 9834 and continues to move as part of the growth and formation of the «Head and Shoulders» reversal pattern. Moving averages indicate a lateral trend. Prices pierced the area between the signal lines up, which indicates pressure from the 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 10065. Where again we should expect a rebound and the continuation of the fall of the Bitcoin rate with a potential target below the level of 6405.

Bitcoin Forecast and Analysis May 18 — 22, 2020

In favor of the fall in BTC/USD quotes in the current trading week on May 18 — 22, 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 18 — 22, 2020

Bitcoin Forecast and Analysis May 18 — 22, 2020 suggests an attempt at the resistance area near the level of 10065. Then, the cryptocurrency will continue to fall to the area below the level of 6405. 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 quotes of the Bitcoin cryptocurrency 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.


Join our Telegram Channel


Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link

Post Comment