BTC/USD are trading at 27066 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 $523,293,726,948. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have broken down the area between the signal lines, 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 cryptocurrency rate forecast for tomorrow, May 18, 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 28065 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 23705 area.
Bitcoin Forecast for May 18, 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 descending channel. 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 28765. This will indicate a breakdown of the resistance area and a continuation of the rise in the Bitcoin rate with a potential target at 26305. 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 25165.
Bitcoin Forecast for May 18, 2023 suggests an attempt to test the resistance level near the area of 28065. And then, the cryptocurrency will continue to fall with a potential target at 23705. An additional signal in favor of the Bitcoin rate 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 28765. This will indicate a continuation of the rise with a potential target above the area of 26305.
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