Cryptocurrency Bitcoin (BTC/USD) is trading at 16747. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish 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 November 16, 2022
As part of the Bitcoin rate forecast, a test of the level of 17260 is expected. Where should we expect an attempt to continue the fall of BTC/USD and further development of the downward trend. The target of this movement is the area near the level of 14940. The conservative area for selling Bitcoin is located near the upper border of the Bollinger Bands indicator bands at the level of 17270.
Cancellation of the option to continue the decline in the Bitcoin rate will be a breakdown of the area of the upper 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 above the 18060 area. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower 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 November 16, 2022 implies a test level of 17260. Further, the fall is expected to continue below the level of 14940. The conservative sales area is located near the area of 17270. The breakdown of the level of 18060 will cancel the option of falling cryptocurrency. In this case, we should expect continued growth.