- 2018-08-06
Bitcoin (BTC/USD) finished its past trading week at 7025.
BTC was traded and still is going on below MA line. The past week BTC broke the Triangle and had a strong and quick going down to 7000, tried 6900 but didn’t stay there and retreated to 7025 that day.
Today BTC goes down again to try 6900 again.
Additional indicator’s lines (Stoch RSI) crossed and went down from Overbought zone at the beginning of the past week. And now they entered the Oversold zone at the end of the week. So if they cross and go up we can expect BTC’s going up again. But the indicators were in the Overbought zone for almost 2 weeks before the beginning of the fall! So we can expect that BTC falling will go on for some long time (up to 1-2 weeks).
The price’s going going down was intense and it doesn’t look like Correction now. BTC can go down to try Support level at 6700. So if it breaks through it is likely that BTC will go down to try 6200 and even go down to 6000. If BTC breaks through 6000 this will mean high probability of the beginning of the Bearish trend (it can be seen on larger time scales).
BTC had a try to change for uptrend for the previous 2 weeks but it didn’t succeed. And now we can expect either its return to sideways trend or even beginning of downtrend.
BTC was traded below MA line the previous week and it goes on to be there today. The price is far from the indicator’s line so we can hardly expect the break up these days.
Oscillator’s indicators are in the Oversold zone for almost 3 days now and they seem to finish their fall now.
When they cross one another and go up and out of the Oversold zone it’ll be a signal to buy. But this signal is rather weak because BTC seem to be on the edge of change of trend. (Oscillators don’t work properly during bullish/bearish trends). Besides the lines can go sideways in the Oversold for rather long time. And we can still see the price falling (though not as intense as during the indicators fall from the Overbought zone).
Additional signal will be when the price breaks up through MA line.
We expect that BTC will go on falling. But it can try to go up to try 7300 and even 7500 level before it continues to fall. (Usual Correction).
NOTE. There is some sort of unpredictability of the market now. Indicators’ signals miss the real movement of price rather often nowadays. The volumes of bought/sold BTC don’t correlate with the price’s moving. Oscillator’s indicators can be in Overbought/Oversold zone for a week or even more.
There is some plot to such a situation. We’ll be researching volumes of trade (buying/selling) and give its analysis and conclusions in our next posts.
*predictions are made on the basis of several indicators. Only 1-2 indicators is shown on the screenshots for the purpose of not overloading the chart’s pics with technical details and indicators’ lines.