- 2018-07-23
Bitcoin (BTC/USD) finished its trading week at 7397.
BTC broke up through MA line and was traded and still is going on above it. The past week BTC broke the Triangle and had a strong and quick going up to maximum 7685.
Today BTC is going up and it tried 7800 (as it was predicted in the previous post) but then retreated.
Additional indicator’s lines (Stoch RSI) are now in the Overbought zone. So if they cross and go down we can expect BTC’s going down again or definite change of trend soon.
The price formed the Flag past week and today it broke through its borders. So it is likely that BTC will continue to go up to try 8000/8100. (May go even to try 8400/8500)
Short-term trading is possible because we still seem to have the sideways trend now.
But it looks like it can change soon and we’ll have uptrend (most likely) or downtrend (possible).
BTC is traded above MA line. But it is getting closer so we’ll possibly be able to see it try to break down MA line.
Oscillator’s indicators have reached the Overbought zone and is going sideways in it now.
When they cross one another and go down and out of the Overbought zone it’ll be a signal to sell. But this signal is rather weak because if BTC continues to go up there can be change of trend. (Oscillators don’t work properly during bullish/bearish trends).
Additional signal will be when the price breaks down through MA line. It can try 7300/7250 line and go even further down.
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 BTC are rising but the price is going not in accordance with it.
So there is some plot to such a situation. We’ll be researching volumes of trade (buying/selling) and give its analysis and conclusions in our next 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.