Bitcoin Forecast and Analysis May 20 — 24, 2019

Bitcoin BTC/USD ends the trading week at 7202 and continues to move as part of the correction. Quotes failed to consolidate above 8000 area. Moving averages indicate an uptrend. The important area of ​​support is located near the level of 5400. At the moment, we should expect an attempt to decrease and a test of the area of ​​support near the level of 6250. 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 9200.

Bitcoin Forecast and Analysis May 20 — 24, 2019

In the current trading week of May 20 — 24, 2019, a rising trend line test 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. The cancellation of the Bitcoin growth option will be a fall and a breakdown of the 5150 area. This will indicate a breakdown of the lower boundary of the ascending channel and the continuation of the BTC/USD fall with a potential target below 4150. The resistance of the resistance area and closing of quotes above the level of 8150 will confirm the upward trend.

Bitcoin Forecast and Analysis May 20 — 24, 2019

Bitcoin Forecast and Analysis May 20 — 24, 2019 implies an attempt at the support area near the level of 6250. Then, the continued growth of cryptocurrency to the region above the level of 9200. 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 Bitcoin cryptocurrency quotes growth option will be a fall and a breakdown of the 5150 area. In this case, we should expect a further decline with the target at the level of 4150.


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