BTC/USDare trading at the level of 27320 and continue to move within the correction and descending channel. The capitalization of Bitcoin cryptocurrency at the time of publication of the forecast is $530,830,413,819. Moving averages indicate the presence of a short-term bullish trend in Bitcoin. Prices are again testing the area between the signal lines, which indicates pressure from sellers of “Digital Gold” and a potential continuation of the rise in the asset’s value from current levels. As part of the cryptocurrency rate forecast for tomorrow, May 16, 2023, we should expect a demand for the growth of the value of the digital asset and a test of the resistance level near the 28205 area. From here, we should again expect a downward bounce and a demand for a continuation of the fall in the Bitcoin rate with a goal below the 24805 area.
Bitcoin Forecast for May 16, 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 indicator. The second signal in favor of this option will be a rebound from the upper border of the descending channel. A strong rise in the value of the asset and a breakdown of the 25305 area will cancel the option of a fall in the coin rate and the value of Bitcoin. This will indicate a breakdown of the resistance area and a continuation of the rise in the Bitcoin rate with a potential target at the level of 27605. The fall in the price of the asset will be confirmed by a breakdown of the support area with a fixation of the price below the level of 25905 .
Bitcoin Forecast for May 16, 2023 suggests a demand for a test of the resistance level near the 28205 area. And further, the continuation of the fall of the cryptocurrency with a potential target at the level of 24805. An additional signal in favor of a decrease in the Bitcoin rate will be a test of the resistance line on the relative strength indicator. A breakdown of the 25305 area will cancel out the option of a fall in the digital currency. This will indicate a continuation of the rise with a potential target above the 27605 area.
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