- 2018-07-01
Bitcoin (BTC/USD) is finishing its trading week near 6349.
BTC broke through to the Resistance line of downtrending corridor and opened above it. So now it seems to change for a flat (sideways trend). BTC reached 6545 level yesterday but was not strong enough to go further up and retreated. Today the price was falling but not very low.
There is possibility that BTC will go further down as it tried today. And it will return to downtrending again.
BTC broke through the Conversion line and the Resistance line and opened above them. And additional indicator’s lines (Stoch RSI) are going up in parallel and at rather sharp angle.
So it is more likely that BTC will have some rise to try 6600/6650 and may even try to break up through 6800|6850 and/or the Base line. BTC will probably move up and down several times this week trying to break 6600 level because the intensity of the price movement is not very strong.
Short-term trading is possible because we seem to observe the beginning of sideways trend now.
Now BTC is traded above MA line. There is possibility of its trying to go down and break through 6300.
It is more likely that the breach down will not happen (but still may be intraday for a short time). The price within the week can fluctuate between 6400 and 6800.
If oscillator’s indicators go up into the Overbought zone and then go down it’ll be a signal to sell. Additional signal will be when the price goes down through MA line.
Although Stoch RSI’s lines go up now it is very possible that it will be going to the Overbought for 1-2 weeks. It’s usual thing during the Flat because the price fluctuation is not so intense as during bearish or bullish trends.
*predictions are made on the basis of several indicators. Only 1 indicator is shown on the screenshots for the purpose of not overloading the chart with technical details and indicators’ lines.