BTC/USD are trading at 38377 and continue to move within the correction and the downward channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $727,395,253,678. Moving averages indicate the presence of a short-term downward trend for Bitcoin. Prices have gone down from the area between the signal lines, which indicates pressure from the sellers of ”Digital Gold” and a potential continuation of the fall in the value of the asset already from current levels. As part of the cryptocurrency rate forecast for tomorrow, May 4, 2022, we should expect an attempt to develop a bullish correction in the value of a digital asset and a test of the resistance level near the 39205 area. From where we should again expect a rebound down and an attempt to continue the fall of the Bitcoin rate with a target below the 34905 area.
Bitcoin Forecast BTC/USD May 4, 2022
An additional signal in favor of falling BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the upper border of the bearish channel. Cancellation of the option of falling in the exchange rate and the cost of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 42405. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin rate with a potential target at 45205. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 35405 which will indicate a breakdown of the lower border of the bearish channel.
Bitcoin Forecast BTC/USD May 4, 2022 suggests an attempt to test the resistance level near the area of 39205. And further, the cryptocurrency will continue to decline with a potential target at 34905. An additional signal in favor of the fall in the Bitcoin rate will be a test of the resistance line on the relative strength index (RSI). Cancellation of the cryptocurrency fall option will be a strong growth of the asset and a breakdown of the 42405 area. This will indicate a continuation of the rise with a potential target above the 45205 area.
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