Bitcoin (BTC/USD) forecast and analysis on December 16, 2017

Cryptocurrency Bitcoin (BTC/USD) is trading at 16776.93. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Bitcoin. At the moment, the cryptocurrency quotes test the average border of the Bollinger Bands indicator bars. A level test 16150.50 is expected, from which one should expect an attempt to continue growth and further development of an upward trend with a target near the level of 19100.50.

Bitcoin (BTC/USD) forecast and analysis on December 16, 2017

Bitcoin (BTC/USD) forecast and analysis on December 16, 2017

The conservative buying area is near the lower border of the Bollinger Bands indicator bars at 15960.50. The abolition of the option of continuing Bitcoin growth will be the breakdown of the lower border of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of ​​14360.50, indicating a change in the bearish trend for BTC/USD. 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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