Cryptocurrency Bitcoin (BTC/USD) is trading at 6786.72. Quotes of the cryptocurrency are traded below the moving average with a period of 55, indicating a bearish trend for Bitcoin. At the moment, the quotes of the cryptocurrency are moving near the lower border of the Bollinger Bands indicator bars. A test of the level 6970.50 is expected, from which one should expect an attempt to continue the fall and further development of the downward trend with a target near the level of 6150.50.
Bitcoin (BTC/USD) forecast and analysis on November 12, 2017
The conservative area for Bitcoin sales is located near the upper boundary of the Bollinger Bands indicator strip at the level of 7720.80. The abolition of the option to continue Bitcoin fall will be the breakdown of the upper 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 above the area of 7910.50, 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.