Bitcoin (BTC/USD) forecast and analysis on October 16, 2017

Cryptocurrency Bitcoin (BTC/USD) is trading at 5722.06. 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 test the upper boundary of the bands of the indicator Bollinger Bands. A test of level 5250.50 is expected, from which one should expect an attempt to continue growth and further development of the upward trend with the target near the level of 6050.50.

Bitcoin (BTC/USD) forecast and analysis on October 16, 2017

Bitcoin (BTC/USD) forecast and analysis on October 16, 2017

The conservative area for buying is near the lower border of the Bollinger Bands indicator strip at the level of 4440.70. 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 4220.50, 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.


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