Cryptocurrency Bitcoin (BTC/USD) is trading at 7231.44. 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 cryptocurrency quotes test the average border of the Bollinger Bands indicator bars. A test of the level of 7060.50 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 7750.50.
Bitcoin (BTC/USD) forecast and analysis on November 7, 2017
The conservative area for buying is near the lower border of the Bollinger Bands indicator strip at 6990.20. The abolition of the option of continuing Bitcoin growth will be the breakdown of the lower 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 below the area of 6670.50, 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.