Cryptocurrency Bitcoin (BTC/USD) is trading at 4169.83. 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 pair are moving near the lower border of the bands of the Bollinger Bands indicator. An insignificant correction is expected near the level of 4110.50, from which one should expect an attempt to continue growth and further development of the upward trend with a target close to level 4660.50.
Bitcoin (BTC/USD) forecast and analysis on October 6, 2017
The conservative area for buying is near the lower border of the Bollinger Bands border of the Bollinger Bands indicator strip at 4135.30. The abolition of the option of continuing Bitcoin growth will be the breakdown of the lower border of the Bollinger Bands indicator strip, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of 4020.80, 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.
