BTC/USD quotes are trading at 66944 and continue to move as part of the growth and the beginning of the “Head and Shoulders” reversal pattern. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of Digital Gold and a potential continuation of growth in the value of the asset from current levels. As part of the cryptocurrency rate forecast for tomorrow, May 21, 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 63205 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 77805 area.
Bitcoin Forecast for May 21, 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 upper boundary 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 of 57605. 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 53505. Confirmation of the increase in the price of the asset will be a breakdown of the resistance area with the price consolidating above the level of 70305, which will indicate a breakdown of the upper boundary of the downward channel.
Bitcoin Forecast for May 21, 2024 assumes an attempt to test the support level near the area of 63205. And then, continued growth of the cryptocurrency with a potential target at the level of 77805. 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 growth option for the digital currency will be a breakdown of the 57605 area. This will indicate a continued fall of the coin with a potential target below the 53505 area.
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