- 2017-11-05
Bitcoin (BTC/USD) is finishing its trading week near 7360.
BTC came to 7500 on Nov 04, 2017 but was not yet strong enough to break it.
There is possibility of the price continuing to go up. Next levels can be 7600 and 8000.
We see that indicator’s lines and new Ichemoku cloud are moving sideways. And there seem to be a Star forming now. If it is finally formed it’ll mean strong possibility of BTC price correction and going down.
The price will go down to try the Conversion Line and support level at 6950.
If it opens above 6950 again there will be possibility of BTC rising up to 7600/7800 and then trying breaking the Conversion Line and support level at 6950 again.
If it opens below the the Conversion Line there will be strong possibility of breaking the Base Line too and going down to Ichimoku Cloud (trying to reach and break inside it).*
If BTC is already bought there should be put a stop-loss above Ichimoku Cloud. BTC may go down as far as 5300.
If BTC goes down to try the Conversion Line and support level at 6950 and opens above it again that will be a signal to buy but just for a short-tirm trading because there is still strong possibility that BTC will go on falling in 1-2 periods (days) again. It can go below indicator’s lines and try going down to Ichimoku Cloud at the end of this week.
*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.