Bitcoin BTC/USD ends the trading week at 5729 and continues to move through strong growth and an upward channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to reduce and test the support area near the level of 5040. 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 6850.
Bitcoin Forecast and Analysis May 6 — 10, 2019
A test of the rising trend line on the relative strength index (RSI) will be in favor of raising the BTC/USD quotes on the current trading week May 6 — 10, 2019. The second signal will be a rebound from the support level. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 4900 area. This will indicate a breakdown of the lower boundary of the ascending channel and the continuation of the fall of BTC/USD with a potential target below the level of 4150. A confirmation of the development of the upward trend will be a breakdown of the resistance area and closing of quotes above the level of 6050.
Bitcoin Forecast and Analysis May 6 — 10, 2019 suggests an attempt to support the area near the level of 5040. Then, the continued growth of cryptocurrency to an area above the level of 6850. 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 growth option of Bitcoin cryptocurrency quotes will be the fall and the breakdown of the 4900 area. In this case, we should expect a further decline.