Bitcoin BTC/USD ends the trading week at the level of 57301 and continues to move as part of the development of the fall and has left the bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continued growth in the asset’s quotes. At the moment, we should expect an attempt to develop a growth in the price of the coin and a test of the resistance area near the level of 59705. From where we can again expect a downward rebound and a continuation of the fall in the Bitcoin rate with a potential target below the level of 51505.
Bitcoin Forecast May 6 — 10, 2024
An additional signal in favor of a fall in BTC/USD quotes in the current trading week of May 6 — 10, 2024 will be a rebound from the upper boundary of the bearish channel. The second signal will be a rebound from the resistance line on the relative strength indicator (RSI). Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the 66705 area. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 72505. Confirmation of the development of a bearish movement will be a breakdown of the support area and closing of quotes below the level of 50805, which will indicate breakdown of the lower boundary of the bullish channel.
Bitcoin Forecast May 6 — 10, 2024 assumes an attempt at the resistance area near the level of 59705. Then the cryptocurrency will continue to fall to the area below the level of 51505. An additional signal in favor of a decrease in the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling Bitcoin cryptocurrency quotes will be a strong growth and breakdown of the area of 66705. In this case, we should expect a continuation of the rise with a target at the level of 72505.
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