Cryptocurrency Bitcoin (BTC/USD) is trading at 11379. 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 bars.
Bitcoin (BTC/USD) forecast and analysis on October 16, 2020
As part of the Bitcoin exchange rate forecast, a test of the level of 11295 is expected. Where can we expect an attempt to continue the growth of BTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 11840. The conservative area for Bitcoin purchases is located near the lower border of the Bollinger Bands indicator bars at 11290.
Cancellation of the option to continue the growth of the Bitcoin rate will be a breakdown of the lower border of the Bollinger Bands indicator bars. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of 11210. This will indicate a change in the current trend in favor of the bearish 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 October 16, 2020 implies a test level of 11295. Further, growth is expected to continue to the area above the level of 11840. The conservative buy area is near the area of 11290. Cancellation of the cryptocurrency growth option will be a breakdown of the level of 11210. In this case, we should expect a continuation falling.
