Bitcoin BTC/USD ends the trading week at 54447, continues to move as part of the fall and the development of the “Wedge” reversal 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 rise and test the resistance area near the level of 58455. Where can we expect a rebound again and the continuation of the fall in the Bitcoin rate with a potential target below the level of 38505.
Bitcoin Forecast and Analysis May 3 — 7, 2021
An additional signal in favor of a fall in BTC/USD quotes in the current trading May 3 — 7, 2021 will be a rebound from the lower boundary of the “Wedge” model. The second signal will be a rebound from the trend line on the indicator relative to the strength (RSI), which was previously broken down. Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 60505 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 75005. Confirmation of the development of a downward movement will be a breakdown of the support area and closing of quotes below 45005.
Bitcoin Forecast and Analysis May 3 — 7, 2021 suggests an attempt at a resistance area near the level of 58455. Then, the cryptocurrency will continue to fall to the area below the level of 38505. An additional signal in favor of a decline in the Bitcoin rate in the current trading week will be a test of the resistance line on the relative strength. Cancellation of the option to drop Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the 60505 area. In this case, we should expect a continuation of the rise with a target at 75005.
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