Cryptocurrency Bitcoin (BTC/USD) is trading at 6524.50. 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. The test is expected at the level of 6800.00, from which one can expect an attempt to continue the fall and further develop the downward trend with a target near the level of 5620.00.
Bitcoin (BTCUSD) weekly forecast on October 8 — 14, 2018
The conservative sales area for Bitcoin is near the upper boundary of the Bollinger Bands indicator bars at 6810.00. 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 the area of 7200.00, which will indicate a change in trend in favor of the bullish 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.
