Bitcoin BTC/USD ends the trading week at 9459 and continues to move as part of the correction and the formation of the reversal model of the inverted «Head and Shoulders». Moving averages indicate a bullish trend. Prices pierced the area between the signal lines up, which indicates pressure from the buyers of the asset and the potential continuation of the growth of asset quotes. At the moment, we should expect an attempt to continue the fall and test the support area near the level of 6505. Where again we should expect a rebound and continued growth of the Bitcoin rate with a potential target above the level of 14155.
Bitcoin Forecast and Analysis June 1 — 5, 2020
An additional signal in favor of the growth of BTC/USD quotes in the current trading week June 1 — 5, 2020 will be a rebound from the support area on the price chart. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the Bitcoin growth option will be a fall and a breakdown of the area of 4555. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 2650. A confirmation of the development of the bullish trend will be a breakdown of the resistance area and closing of quotations above the level of 11205.
Bitcoin Forecast and Analysis June 1 — 5, 2020 suggests an attempt at the support area near the level of 6505. Then, the cryptocurrency will continue to grow to the area above the level of 14155. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be the support line test on the relative strength index (RSI). Cancellation of the option to raise the Bitcoin cryptocurrency quotes will be a fall and a breakdown of the area of 4555. In this case, we should expect continued decline with the target at 2650.