Cryptocurrency Bitcoin (BTC/USD) is trading at 6330.41. Cryptocurrency quotes are traded below the moving average with a period of 55, which indicates the presence of a bearish trend for Bitcoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator. A test of the level of 6500.00 is expected, from which one can expect an attempt to continue the fall and further develop the downward trend with a target near the level of 5600.00.
Bitcoin (BTCUSD) weekly forecast on November 5 — 11, 2018
The conservative sales area for Bitcoin is near the upper boundary of the Bollinger Bands indicator bars at 6520.00. Cancellation of the option to continue falling Bitcoin will be a breakdown of the area of the upper border of the Bollinger Bands indicator, as well as the moving average with a period of 55 and closing of quotations of the pair above 7000.00, which will indicate a change in trend in favor of the bullish for BTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.
