Cryptocurrency Bitcoin (BTC/USD) is trading at 54799. 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 lower border of the Bollinger Bands indicator bars.
Bitcoin (BTC/USD) forecast and analysis on May 7, 2021
As part of the Bitcoin exchange rate forecast, a test of the level of 55600 is expected. Where can we expect an attempt to continue the fall in BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 50580. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator bars at 59020.
Cancellation of the option to continue the decline in the Bitcoin rate will be a breakdown of the upper border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of quotations of the pair above the area of 60000. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall of the cryptocurrency.
Bitcoin (BTC/USD) forecast and analysis on May 7, 2021 implies a test level of 55600. Further, it is expected to continue falling to the area below the level of 50580. The conservative sales area is near the area of 59020. Cancellation of the cryptocurrency fall option will be a breakdown of the level of 60000. In this case, we should expect continued growth.