BTC/USD are trading at 27508 and continue to move as part of the correction and the formation of a large “Triangle” model. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $533,928,762,127. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of “Digital Gold” and a potential continuation of the rise in the value of the asset already from current levels. As part of the forecast for the cryptocurrency rate for tomorrow, May 11, 2023, we should expect an attempt to develop an increase in the value of a digital asset and a test of the resistance level near the area of 29155. 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 area of 21365.
Bitcoin Forecast for May 11, 2023
An additional signal in favor of a decrease in 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 “Triangle” model. Cancellation of the option of a fall in the exchange rate of the coin and the cost of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 29855. This will indicate a breakdown of the resistance area and continued growth of the Bitcoin exchange rate with a potential target at 32505. Confirmation of the fall in the price of the asset will be a breakdown of the support area with the price fixing below the level of 25305 , which will indicate a breakdown of the lower boundary of the “Triangle” model and the beginning of the pattern with targets at the bottom.
Bitcoin Forecast for May 11, 2023 suggests an attempt to test the resistance level near the area of 29155. And further, the cryptocurrency will continue to fall with a potential target at 21365. An additional signal in favor of the Bitcoin price decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling digital currency will be a breakdown of the area of 29855. This will indicate continued growth with a potential target above the area of 32505.
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