- 2018-06-17
Bitcoin (BTC/USD) is finishing its trading week near 6438.
BTC broke down through the Conversion line of Ichimoku and now was traded below it. We can see there was sideways move during the week.
Additional indicator’s lines (Stoch RSI) went lightly to oversold zone for 2 days at the beginning of the week but then they began to go slowly up. It means that BTC price can go up for some days but not very intensely.
There is possibility that BTC will go further down as it tried today.
But it is more likely that it will have some rise to 6800/6850 for 2-3 days and try to break through the resistance line of the downtrend corridor. The indicators lines are still near the border of Oversold zone but not in it. So the rise will be not intense enough to break through the resistance line this week.
So it is likely that BTC will go up to 6800/6850 and then go down again to form new minimum at approx. 6000/5950.
It is risky to buy BTC now.
Short-term trading is possible though it’s risky and highly not recommended because we have downtrend and BTC can likely go down from the resistance line and form new minimum this weeks.
If Stoch RSI’s line K crosses line D from above and they both go down this will be signal to sell BTC (If they go down from Overbought zone this will be a strong signal).
Additional signal (but still rather weak) can be if the price goes down from the resistance line.
BTC’s price is close to October 2017 prices now so it is rather possible that bearish trend will change for Flat or bullish trend very soon (1-2 weeks).
*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.