Cryptocurrency Bitcoin (BTC/USD) is trading at 8011. 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 upper border of the Bollinger Bands indicator.
Bitcoin (BTC/USD) forecast and analysis on May 16, 2019
As part of the Bitcoin exchange rate forecast, a test level of 7720 is expected. Where should we expect an attempt to continue BTC/USD growth and further development of the upward trend. The purpose of this movement is the area near the level of 8950. The conservative area for buying of Bitcoin is located near the lower border of the Bollinger Bands indicator bars at 6750.
Cancellation of the option to continue the growth rate of Bitcoin will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair below the area of 6720. This will indicate a change in the current trend in favor of a bearish for BTC/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Bitcoin (BTC/USD) forecast and analysis on May 16, 2019 implies a test level of 7720. Further growth is expected to continue to the area above the level of 8950. The conservative area for buying Bitcoin is located area of 6750. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 6720. In this case, we can expect further the fall.