Bitcoin trading forecast for September 11th-14th, 2018

Bitcoin (BTC/USD) finished its previous trading week at 6239.

BTC was traded above MA line at the beginning of the week and then broke down through the line.
As we expected in previous posts at the beginning of the past week BTC went lightly up and then was falling down to 6184 for 4 days. Today BTC tried to reach 6400 but the movement was very weak and it went down and now is at 6280/6300 level.

Additional indicator’s lines (Stoch RSI) crossed and moved sharply down and out of the Overbought zone. At the end of the past week they entered the Oversold zone.

The price reached and tried to break through 0.618 (7355) line but then went down through the support lines at 0.5, 0.382 and 0.236 (Fib retracement). So BTC can go and try 6100 and 5850 levels next.
The price is in Oversold zone and it’s downward movement becomes weaker. Still we can see from the past periods that BTC can move in Oversold/Overbought zones for even 1-2 weeks.
If the price goes up it’ll have to break through 6590/6600, 6900 and 7050 resistance levels.

On larger timescale (week) BTC seemed to begin a downtrend. There was new maximum (lower than previous) but BTC hasn’t drawn new minimum yet. So it looked that we had Triangle.
Now the price broke lightly down out of it but now it returns into the Triangle. Still this means that we can expect further rather intense fall. If the price breaks through 6000 level it will make a new minimum and will show distinct downtrend.

BTC is traded below the MA line today. But MA goes down and the price tries to go up.

Oscillator’s indicators entered the Oversold zone. They still continue to go in the Oversold zone today but look like trying to cross and go up.
Still the Indicators rather often go sideways in the Oversold zone for 1-2 weeks.
So when they cross and go up BTC will most probably go up too. It is usually a signal to buy.
BUT sometimes it can be also a false signal because we can have a change to trend soon (Oscillators work normally during the Flat but they show false signals during trends).
Additional signal of upwards movement will be when the price breaks up through MA line.

We expect that BTC can continue to go up for some days though not very intensely. It can try 6400, 6600 and 6750 levels (0.236, 0.382, 0.5 Fib retracement levels).
Then it’ll most likely go down again to try 6100/6000 and 5850(very strong Support level – IF it breaks down through the 5850 level the fall can be very intense!). BTC can also go down without further upwards movement.

The market’s movement has been not intense for about last 2 weeks. So it can explode up or down out of the Triangle very soon.
Don’t forget to put proper stop-losses according to your risk management!

NOTE. There is some sort of unpredictability of the market now. Indicators’ signals miss the real movement of price sometimes. 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 can often be some plot to such a situation. If we notice such unusual (unpredictable) activity we’ll give its analysis and conclusions in our extra posts.

*predictions are made on the basis of several indicators. Only 1-2 indicators are shown on the screenshots for the purpose of not overloading the chart’s pics with technical details and indicators’ lines.



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