Bitcoin BTC/USD ends the trading week at 30265, continues to move as part of the fall and the formation of a bullish ”Wolfe Wave” pattern. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the fall in asset quotes. At the moment, we should expect an attempt to develop a fall in the price of the coin and a test of the support area near the level of 28505. From where we should again expect a rebound upwards and a continuation of the rise in the Bitcoin rate with a potential target above the level of 52505.
Bitcoin Weekly Forecast May 16 — 20, 2022
An additional signal in favor of the growth of BTC/USD quotes in the current trading week May 16 — 20, 2022 will be a rebound from the lower border of the bullish ”Wolfe Wave” model. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 20405 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 16505. A confirmation of the development of a bullish movement will be a breakdown of the resistance area and closing of quotes above the level of 37505, which will indicate a breakdown the upper limit of the descending channel.
Bitcoin Weekly Forecast May 16 — 20, 2022 suggests an attempt at the support area near the level of 28505. Then the cryptocurrency will continue to rise to the area above the level of 52505. An additional signal in favor of the rise 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 growth option for Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 20405 area. In this case, we should expect a continuation of the decline with the target at the level of 16505.
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