The Bitcoin cryptocurrency ends the trading week near the area of $58877. BTC/USD quotes are trading above the upper limit of the Ichimoku Kinko Hyo Cloud. This indicates a medium-term bearish trend for Bitcoin. As part of the forecast of the cryptocurrency exchange rate for the week of May 10-14, 2021. The correction is expected to develop and test the lower border of the Ichimoku Kinko Hyo indicator Cloud near $55405. Where should we expect an attempt to rebound and continue the growth of the Bitcoin exchange rate against the US Dollar with a goal above the level of $77005.
Сryptocurrency Bitcoin forecast for the week of May 10-14, 2021
An additional signal in favor of the rise of the leading digital asset in the current trading week will be the test of the lower limit of the ascending channel. The second signal will be a rebound from the support area on the price chart. Earlier, a medium-strength signal was received, a signal for asset purchases. The signal was formed due to the intersection of signal lines at the level of $55405. The nearest resistance area is located at $65745. The support area for Bitcoin is located at the level of $42205.
Сryptocurrency Bitcoin signal for the week of May 10-14, 2021
The cancellation of the option of raising Bitcoin quotes will be a breakdown of the lower border of the indicator Cloud and closing below the level of $49205. This will indicate a change in the bullish trend in favor of a downward trend and a continued decline in the value of the asset. Expect confirmation of the rise in BTC/USD quotes with the breakdown of the resistance area and the price closing above the level of $66005.
Thus, the Bitcoin exchange rate forecast for the week of May 10-14, 2021 suggests an attempt to develop a correction to the level of $55405. Where to expect a rebound and continued growth of the cryptocurrency with a potential target near the level of $77005. The support level test will be in favor of the rise. The cancellation of the growth option will be a fall and a breakdown of the 49205 area. In this case, we should expect a continued decline in Bitcoin with a potential target at the level of $45055.