Cryptocurrency Bitcoin (BTC/USD) is trading at 8620.20. Quotes of the cryptocurrency are traded below the moving average with a period of 55, indicating a bearish trend for Bitcoin. Currently, the cryptocurrency quotes are testing the lower boundary of the Bollinger Bands indicator bars. A test of level 9400.50 is expected, from which one should expect an attempt to continue falling and further development of a downward trend with a target near the level of 6800.50.
Bitcoin (BTC/USD) forecast and analysis on February 3, 2018
The conservative sales area for Bitcoin is located near the middle border of the Bollinger Bands indicator strip at 10000.20. The abolition of the option to continue Bitcoin fall will be the breakdown of the mid-range area of the Bollinger Bands indicator strips, as well as the moving average with a period of 55 and the closing of the pair quotes above the 11,100.50 area, indicating a change in the bullish trend for BTC/USD. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.