Cryptocurrency Bitcoin (BTC/USD) is trading at 16987. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator bands.
Bitcoin (BTC/USD) forecast and analysis on December 7, 2022
As part of the Bitcoin rate forecast, a test of the level of 16800 is expected. Where should we expect an attempt to continue the growth of BTC/USD and further development of the upward trend. The target of this movement is the area near the level of 16670. The conservative area for buying Bitcoin is located near the lower border of the Bollinger Bands indicator bands at the level of 16790.
Cancellation of the option to continue the growth of the Bitcoin rate will be a breakdown of the area of the lower border of the Bollinger Bands indicator bands. As well as a moving average with a period of 55 and the closing of the pair’s quotes below the 16650 area. This will indicate a change in the current trend in favor of the bearish one for BTC/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency.
Bitcoin (BTC/USD) forecast and analysis on December 7, 2022 implies a test level of 16800. Further growth is expected to continue to the area above the level of 16670. The conservative buying area is located near the area of 16790. The breakout of the level of 16650 will cancel the growth option for the cryptocurrency. In this case, we should expect the fall to continue.
