Bitcoin BTC/USD ends the trading week at the level of 40994, continues to move within the fall and the downtrend channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a rise and test the resistance area near the level of 45005. Where can we expect a rebound again and the continuation of the fall in the Bitcoin rate with a potential target below the level of 15505.
Bitcoin Forecast and Analysis May 24 — 28, 2021
An additional signal in favor of a fall in BTC/USD quotes in the current trading week, the week May 24 — 28, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the broken trend line on the indicator relative to the strength (RSI). Cancellation of the Bitcoin decline option will be a strong growth and a breakdown of the 51505 area. This will indicate a breakdown of the resistance area and a continued rise in BTC/USD quotes with a potential target above the level of 65005. Confirmation of the development of a downward movement will be a breakdown of the support area and closing of quotations below 35005.
Bitcoin Forecast and Analysis May 24 — 28, 2021 assumes an attempt at a resistance area near the level of 45005. Then, the cryptocurrency will continue to fall to the area below the level of 15505. An additional signal in favor of a decline in the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength. Cancellation of the option to reduce the Bitcoin cryptocurrency quotes will be a strong growth and a breakdown of the 51505 area. In this case, we should expect a continuation of the rise with the target at 65005.