Bitcoin (BTC/USD) forecast and analysis on August 7, 2017

Cryptocurrency Bitcoin (BTC/USD) is trading at the level of at 2836.60. Quotes of the pair are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for the Bitcoin/Dollar. At the moment, quotes of the pair test the upper boundary of the bands of the indicator Bollinger Bands. An insignificant correction is expected near the level of 2720.10, where again we should expect an attempt to continue growth and further development of the upward trend in the Bitcoin/Dollar pair near the level of 3180.50.

Bitcoin (BTC/USD) forecast and analysis on August 7, 2017

Bitcoin (BTC/USD) forecast and analysis on August 7, 2017

The conservative area for Bitcoin/Dollar pair buying is near the lower boundary of the Bollinger Bands indicator strip at the level of 2650.80. Canceling the option of continuing the growth of the BTC/USD pair will be a breakdown of the lower border of the Bollinger Bands indicator strip, as well as a moving average with a level of 55 and the closing of the pair’s quotes below the area of ​​2485.50, indicating a change in the trend in favor of the bearish Bitcoin/Dollar. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.


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