Bitcoin BTC/USD ends the trading week at 8807 and continues to move as part of strong growth and a downward channel. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, which indicates pressure from sellers and a potential drop from current levels. At the moment, we should expect an attempt to continue the correction and test the resistance area near the level of 8215. 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 6155.
Bitcoin Forecast and Analysis May 4 — 8, 2020
In favor of the fall in BTC/USD quotes in the current trading week May 4 — 8, 2020 a rebound from the upper border of the downward channel will come out. 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 9955 area. This will indicate a breakdown of the resistance area and a continued rise in BTC/USD quotes with a potential target above 11655. A breakdown of the support area and closing of quotations below 7405 will confirm the development of a downward trend.
Bitcoin Forecast and Analysis May 4 — 8, 2020 suggests an attempt at the resistance area near the level of 8215. Then, the cryptocurrency will continue to fall to the area below the level of 6155. 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 Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the area of 9955. In this case, we should expect the continuation of the rise with the target at the level of 11655.
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