Bitcoin BTC/USD ends the trading week at 30146, continues to move as part of the fall and the downward channel. 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 test the resistance area near the level of 33055. From where we should again expect a rebound down and a continuation of the fall in the Bitcoin rate with a potential target below the level of 16200.
Bitcoin Weekly Forecast May 23 — 27, 2022
An additional signal in favor of the growth of BTC/USD quotes in the current trading week May 23 — 27, 2022 will be a rebound from the lower border of the bullish Wolfe Wave model. The second signal will be a rebound from the resistance line on the relative strength index (RSI). Cancellation of the Bitcoin fall option will be a strong growth and a breakdown of the area of 40705. This will indicate a breakdown of the resistance area and continued growth of BTC/USD quotes with a potential target above the level of 45055. The development of the downward movement will be confirmed by a breakdown of the support area and closing of quotes below the level of 24305.
Bitcoin Weekly Forecast May 23 — 27, 2022 suggests an attempt at a resistance area near the level of 33055. Then the cryptocurrency will continue to fall to the area below the level of 16200. An additional signal in favor of the fall of 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 to reduce the quotes of the Bitcoin cryptocurrency will be a strong growth and a breakdown of the area of 40705. In this case, we should expect a continuation of the rise with the target at the level of 45055.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
