Cryptocurrency Bitcoin (BTC/USD) is trading at 6231.30. 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 the level of 7100.20 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 4900.50.
Bitcoin (BTC/USD) forecast and analysis on February 7, 2018
The conservative area for Bitcoin sales is located near the middle border of the Bollinger Bands indicator bars at 8200.50. The abolition of the variant of the continuation of 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 quotations of the pair above the 9100.50 area, which will indicate a change in the trend in favor of the bullish 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.