Cryptocurrency Bitcoin (BTC/USD) is trading at 6278.98. Quotes of the cryptocurrency are traded below the moving average with a period of 55, indicating a bearish trend for Bitcoin. At the moment, the quotes of the cryptocurrency are moving near the upper border of the Bollinger Bands indicator bars. A test of the level of 6390.00 is expected, from which one should expect an attempt to continue the fall and further development of a downward trend with a target near the level of 5900.00.
Bitcoin (BTC/USD) forecast and analysis on July 16, 2018
The conservative area for Bitcoin sales is located at the upper border of the Bollinger Bands indicator strip at 6390.50. The abolition of the variant of the continuation of the Bitcoin fall will be the breakdown of the upper boundary area of the Bollinger Bands indicator strips, as well as the moving average with a period of 55 and the closing of the pair quotations above the area of 6520.00, indicating a change in the trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.