Cryptocurrency Bitcoin (BTC/USD) is trading at 6407.35. 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. A test of the level of 6430.20 is expected, from which one can expect an attempt to continue the fall and further develop the downward trend with a target near the level of 6260.00.
Bitcoin (BTC/USD) forecast and analysis on October 29, 2018
The conservative sales area for Bitcoin is located near the upper boundary of the Bollinger Bands strip at 6440.00. Cancellation of the option to continue falling Bitcoin will be a breakdown of the area 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 6500.00, indicating a change in trend in favor of the bullish for 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.
