BTC/USD are trading at 28921 and continue to move as part of the correction and the formation of the “Triangle” model. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $558,700,419,130. Moving averages indicate a short-term bullish trend for Bitcoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers 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 exchange rate forecast for tomorrow, May 5, 2023, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the 28305 area. From where we should again expect a rebound upwards and an attempt to continue the growth of the Bitcoin rate with a target above the 30405 area.
Bitcoin Forecast for May 5, 2023
An additional signal in favor of the rise 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 lower border of the Triangle pattern. Cancellation of the growth option for the exchange rate and the cost of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 27405. This will indicate a breakdown of the support area and a continued fall in the Bitcoin exchange rate with a potential target at 24565. The breakdown of the resistance area with the price fixing above the level of 30265 will be a confirmation of the growth in the price of the asset, which will indicate the breakdown of the upper border of the “Triangle” model and the beginning of the pattern with targets at the top.
Bitcoin Forecast for May 5, 2023 suggests an attempt to test the support level near the area of 28305. And further, the continued growth of the cryptocurrency with a potential target at the level of 30405. An additional signal in favor of the rise in the Bitcoin rate will be a test of the support line on the relative strength index (RSI). Cancellation of the digital currency growth option will be a breakdown of the 27405 area. This will indicate a continued fall with a potential target below the 24565 area.
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