Cryptocurrency Bitcoin (BTC/USD) is trading at 6839.69. The average line of the indicator is below the level of 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 upper border of the Bollinger Bands indicator bars. A test of level 7090.50 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 5450.50.
Bitcoin (BTC/USD) forecast and analysis on November 16, 2017
The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at the level of 6980.50. The abolition of the continuation of Bitcoin fall will be the breakdown of the upper bound of the Bollinger Bands indicator bands, as well as the moving average with a period of 55, and the closing of the pair quotations above the area of 7210.50, 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.