- 2018-08-13
Bitcoin (BTC/USD) finished its past trading week at 6344.
BTC was traded and still is going on below MA line. But today it tried to break MA line up.
The past week BTC went down intensely on more then 1000 and began to slowly go up at the end of the week.
Today BTC goes up but very slowly.
Additional indicator’s lines (Stoch RSI) has been in Oversold zone for almost 2 weeks now. And now they crossed and seem to be trying to go up and out of the Oversold zone. So if they actually go up we can expect BTC’s going up again more intensely. Still there is probability that BTC’s falling will go on for some time (~1-2 weeks).
The price’s trying to go up and it looks like a try of Correction. BTC can go up to try Resistance level at 6550. So if it breaks through it is likely that BTC will go up to try 6890/6900 and even go further up to try 7150 (the price’s been in Oversold long enough so the rise can be rather intense).
If the price continues to go down the next strong Support levels are 6100/6000 and 5800.
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 looks like narrowing of corridor now (Triangle). If the price breaks down out of it this will mean distinct downtrend. And if it goes up we can expect either its return to sideways trend or even beginning of uptrend.
BTC was traded below MA line the previous 2 weeks and it goes on to be there today. The price tried to break up today but haven’t managed yet.
Oscillator’s indicators are in the Oversold zone for almost 2 weeks now and they seem to try going up now.
They’ve crossed one another already. So if the indicators go up and out of the Oversold zone it’ll be a signal to buy. But this signal is still 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.
Additional signal will be when the price breaks up through MA line.
We expect that BTC will go up though not very intensely (Usual Correction).
But it can also try to go down again to try 6000 and even 5800 (very strong Support level) level before it continues to go up.
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. 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 is shown on the screenshots for the purpose of not overloading the chart’s pics with technical details and indicators’ lines.