- 2018-07-16
Bitcoin (BTC/USD) finished its trading week at 6347.
BTC broke down through MA line and was traded below it the whole week. This week BTC’s minimum was 6079 (12.07) and on 14.07 it began weak going up and is still going up.
This week’s minimum price is still higher then we had 24.06. And we can see narrowing of price fluctuation. So we can expect quick change of price intensity or even change of trend soon.
Additional indicator’s lines (Stoch RSI) crossed and went down from the Overbought zone. But now they seem to be changing the direction and while they still haven’t reached Oversold zone.
So it is likely that BTC will continue to go up to try 6800. If it breaks through the price can go up up to +1000 points.
The price seem to be forming the Triangle and the price is likely to go down again this week but not as low as previous weeks. It can be approx. to 6300/6400. So 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. An dit is even weeker inside Triangles.
Short-term trading is possible because we seem to have the sideways trend now.
BTC is traded below MA line. But it is going up and will try to break up through MA line.
Oscillator’s indicators haven’t reached the Oversold zone and look like turning up agan. When they cross one another and go up it’ll be a signal to sell. But this signal is rather week because indicators line will go up without reaching Oversold zone.
Additional signal will be when the price breaks up through MA line. If the price breaks resistance level of Triangle at ~6800 it can go up to about +1000. The same amount fall is possible if the price breaks support level at ~6200.
*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.