Bitcoin BTC/USD ends the trading week at 7999 and continues to move as part of the correction. Quotes will continue to test the resistance of 8000. Moving averages indicate a bullish trend. An important area of support is located near the 6500 level. At the moment, we should expect an attempt to correct and test the area of support near the 6700 level. Where can we again expect a rebound and an attempt to continue the growth of the Bitcoin rate with a potential target above the level of 9750.
Bitcoin Forecast and Analysis May 27 — 31, 2019
In favor of the rise of BTC/USD quotes in the current trading week of May 27 — 31, 2019, a test of the rising trend line on the relative strength index (RSI) will be made. 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 5550 area. This will indicate a breakdown of the lower boundary of the ascending channel and the continuation of BTC/USD falling with a potential target below the level of 4450. The resistance of the resistance area and closing of quotes above the level of 8350 will confirm the development of the upward trend.
Bitcoin Forecast and Analysis May 27 — 31, 2019 implies an attempt to support the area near the level of 6700. Then, the continued growth of cryptocurrency to the region above the level of 9750. 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 5550 area. In this case, we should expect a further decline with the target at the level of 4450.