Bitcoin (BTC/USD) forecast and analysis on October 16, 2018

Cryptocurrency Bitcoin (BTC/USD) is trading at 6207.85. Cryptocurrency quotes are traded below the moving average with a period of 55, which indicates the presence of a bearish trend for Bitcoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator. The test is expected at the level of 6260.00, from which one can expect an attempt to continue the fall and further develop the downward trend with a target near the level of 6020.00.

Bitcoin (BTC/USD) forecast and analysis on October 16, 2018

Bitcoin (BTC/USD) forecast and analysis on October 16, 2018

The conservative sales area for Bitcoin is located near the upper boundary of the Bollinger Bands strip at 6270.00. Cancellation of the option to continue falling Bitcoin will be the breakdown of the upper border of the Bollinger Bands indicator, as well as the moving average with a period of 55 and closing of quotations of the pair above 6400.00, indicating a change in trend in favor of the bullish BTC/USD In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.

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