BTC/USD quotes are trading at 67680 and continue to move as part of the growth and formation of the “Triangle” 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 forecast for the cryptocurrency rate for tomorrow, May 31, 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 67205 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 77465 area.
Bitcoin Forecast for May 31, 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 “Triangle” model. 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 64265. 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 58605. 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 72205, which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of the development of a pattern with targets at the top.
Bitcoin Forecast for May 31, 2024 assumes an attempt to test the support level near the area of 67205. And then, continued growth of the cryptocurrency with a potential target at the level of 77465. 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 64265 area. This will indicate a continued fall of the coin with a potential target below the 58605 area.
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