BTC/USD quotes are trading at 61967 and continue to move as part of the correction and the formation of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bearish trend for 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 fall in the value of the asset from current levels. As part of the cryptocurrency rate forecast for tomorrow, May 16, 2024, we should expect an attempt to develop a fall in the value of the digital asset and a test of the support level near the 60785 area. From where we should again expect a rebound upward and an attempt to continue the growth of the Bitcoin rate with a target above the 72505 area.
Bitcoin Forecast for May 17, 2024
An additional signal in favor of growth in BTC/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the Head and Shoulders reversal pattern. Cancellation of the option to raise the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakdown of the area 57305. This will indicate a breakdown of the support area and a continued fall in the Bitcoin rate with a potential target at the level of 51505. Confirmation of an increase in the price of the asset will be a breakdown of the resistance area with the price consolidating above the level of 68045, which will indicate a breakdown of the upper boundary of the reversal pattern and the beginning of a pattern with targets at the top.
Bitcoin Forecast for May 17, 2024 assumes an attempt to test the support level near the area of 60785. And then, continued growth of the cryptocurrency with a potential target at the level of 72505. An additional signal in favor of an increase in the Bitcoin rate will be a test of the support line on the relative strength index . Cancellation of the digital currency growth option will be a breakdown of the 57305 area. This will indicate a continued fall of the coin with a potential target below the 51505 area.
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