Bitcoin BTC/USD is trading at 5690. Cryptocurrency is trading above the moving average with a period of 195, indicating a bullish trend over Bitcoin. A test of the level 5635 is expected, from which it is expected to continue growth with a potential target near the area of 6080. A strong signal in favor of the growth of the BTC/USD cryptocurrency will be the test of the lower bound of the «Triangle» model, as well as the breakdown of the resistance line on the relative strength indicator (RSI).
Bitcoin forecast & technical analysis on October 17, 2017
The cancellation of the variant of the BTC/USD quotes growth will be the fall and breakdown of the 5420 area, which will indicate the potential continuation of the decline and development of the bearish trend. With the breakdown of the upper limit of the «Triangle» model and the closing of quotations above the level of 5820, we expect to accelerate the growth of the cryptocurrency.
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