BTC/USD quotes are trading at 57712 and continue to move downward. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines downwards, 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 forecast for the cryptocurrency rate for tomorrow, May 3, 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 54605 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 67105 area.
Bitcoin Forecast for May 3, 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 boundary of the bullish Wolfe Wave 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 48505. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin rate with a potential target at the level of 42505. 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 62005, which will indicate a breakdown of the upper boundary of the downward channel.
Bitcoin Forecast for May 3, 2024 assumes an attempt to test the support level near the area of 54605. And then, continued growth of the cryptocurrency with a potential target at the level of 67105. 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 48505 area. This will indicate a continued fall of the coin with a potential target below the 42505 area.
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