Cryptocurrency Bitcoin (BTC/USD) is trading at 27604. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator bands.
Bitcoin (BTC/USD) forecast and analysis on May 11, 2023
As part of the Bitcoin rate forecast, a test of the level of 28060 is expected. Where should we expect an attempt to continue the fall of BTC/USD and further development of the downward trend. The target of this movement is the area near the level of 26000. The conservative area for selling Bitcoin is located near the upper border of the Bollinger Bands indicator bands at the level of 29100.
Cancellation of the option to continue the decline in the Bitcoin rate will be a breakdown of the area of the upper border of the Bollinger Bands indicator bands. As well as a moving average with a period of 55 and the closing of the pair’s quotes above the 29800 area. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.
Bitcoin (BTC/USD) forecast and analysis on May 11, 2023 implies a test level of 28060. Further, the fall is expected to continue below the level of 26000. The conservative sales zone is near the area of 29100. The breakdown of the level of 29800 will cancel the option of falling cryptocurrency. In this case, we should expect continued growth.
