Cryptocurrency Bitcoin (BTC/USD) is trading at 9853.40. 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 quotes of the cryptocurrency are moving near the upper border of the Bollinger Bands indicator bars. A test of the level of 9400.50 is expected, from which one should expect an attempt to continue growth and further development of the upward trend with a target near the level of 10800.50.
Bitcoin (BTC/USD) forecast and analysis on May 7, 2018
The conservative buying area for Bitcoin is near the lower border of the Bollinger Bands indicator strip at 9200.50. The abolition of the option of continuing Bitcoin growth will be the breakdown of the lower border 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 below the area of 8500.20, 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.