- 2018-07-08
Bitcoin (BTC/USD) is finishing its trading week near 6707.
BTC was traded above MA line this week but in a narrow corridor of the price. So now it seems to be a sure flat (sideways trend). This week BTC’s maximum was 6839 (yesterday) but it was not strong enough to go further up and retreated. Today the price began falling but not very intense yet.
There is light possibility that BTC will go further up as it tried 07.07. And it will try to reach 6900/6950.
Additional indicator’s lines (Stoch RSI) were going up this week and at rather sharp angle. Now they are in the Overbought zone.
So it is more likely that BTC will go down very soon (very probably this week) to try 6600 and may even try to break down through 6400 and reach 6200 level. BTC will probably move up and down several times between the mentioned levels because the intensity of the price movement is not very strong during flats.
Short-term trading is possible because we seem to have the sideways trend now.
Now BTC is traded above MA line. There is faint possibility of its trying to go higher up and break through 6800 again.
Oscillator’s indicators are in the Overbought zone and they’ll down soon. When they cross one another and go down it’ll be a signal to sell. Additional signal will be when the price breaks down through MA line.
The Stoch RSI’s lines are high in overbought zone. So the fall may be rather quick for 1-2 days (though not so intense as it usually is during bearish or bullish trends.
*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.