Bitcoin BTC/USD traded at 8738 and continue to move within the growth and bullish channel. Cryptocurrency capitalization at the time of the publication of the forecast is $155 010 641 129. Moving averages indicate a bullish trend in Bitcoin. As part of the cryptocurrency exchange rate forecast for May 31, 2019, we should expect an attempt to fall and a test of the support level near the 8255 area.
Bitcoin Forecast and Analysis BTC/USD May 31, 2019
In favor of the growth of BTC/USD quotes, a test of the rising trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the Bitcoin exchange rate growth option will be a fall and a breakdown of the 7905 area. This will indicate a breakdown of the lower boundary of the channel and a continued decline in the Bitcoin rate with a potential target at 7150. With the breakdown of the resistance area and the closure of cryptocurrency quotes above the level of 9075, we should expect confirmation of growth of the digital asset rate.
Bitcoin Forecast and Analysis BTC/USD May 31, 2019 suggests an attempt to test the support level near 8255. And further, cryptocurrency will continue to grow with a potential target of 9950. An additional signal in favor of raising the Bitcoin rate will be a test of the rising trend line on the relative strength index (RSI). Cancellation of the option of cryptocurrency growth will fall and the breakdown of the area of 7150. This will indicate a continued decline with a potential target below 6950.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
