Cryptocurrency Bitcoin (BTC/USD) is trading at 4290.89. 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, quotes of the pair move near the middle border of the bands of the indicator Bollinger Bands. An insignificant correction is expected near the level of 4225.30, from which one should expect an attempt to continue growth and further development of the upward trend with the target near the level of 4720.50.
Bitcoin (BTC/USD) forecast and analysis on October 5, 2017
The conservative area for buying is near the lower border of the Bollinger Bands indicator strip at 4215.30. The abolition of the option of continuing Bitcoin growth will be the breakdown of the lower border area of the Bollinger Bands indicator bars, as well as the moving average with a period of 55 and the closing of the pair quotations below the area of 4010.50, 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.