Cryptocurrency Bitcoin (BTC/USD) is trading at 30230. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator bands.
Bitcoin (BTC/USD) forecast and analysis on May 31, 2022
As part of the Bitcoin rate forecast, a test of the level of 29400 is expected. Where should we expect an attempt to continue the growth of BTC/USD and further development of the upward trend. The target of this movement is the area near the level of 32040. The conservative area for buying Bitcoin is located near the lower border of the Bollinger Bands indicator bands at the level of 28340.
Cancellation of the option to continue the growth of the Bitcoin rate will be a breakdown of the area of the lower 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 below the 27800 area. This will indicate a change in the current trend in favor of the bearish for BTC/USD. In the event of a breakdown of the upper 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 31, 2022 implies a test level of 29400. Further growth is expected to continue to the area above the level of 32040. The conservative buying area is near the area of 28340. The breakout of the level of 27800 will cancel the cryptocurrency growth option. In this case, we should expect a continued fall.