- 2018-06-24
Bitcoin (BTC/USD) is finishing its trading week near 6148.
BTC went up to the Resistance line of downtrending corridor and then went down again. It reached 6760 level and drew new minimum today but then retreated up almost to the opening price.
Additional indicator’s line K (Stoch RSI) is now lightly in oversold zone but it lokks like going up again. It means low intensity of BTC price moving.
There is possibility that BTC will go further down as it tried today.
We have a star formed today and indicators show low intensity of the price.
So it is more likely that BTC will have some rise to 6200/6250 (may even try to break up through 6300 for a short time). Then there is possible sideways moving. BTC will probably move up and down several time this week trying to break 6300 and 5800 levels.
It is still risky to buy BTC now.
Short-term trading is possible though it’s risky because downtrend is not over yet.
Now BTC is traded below MA line. If it crosses the line from below then it’ll most likely to break the Resistance line of the downtrending corridor too. It’ll mean high probability that bearish trend will change for Flat or bullish trend very soon.
So if the price breaks the MA line and opens above it this will be a signal to buy. Breaking through the Resistance line will be an additional signal too. So we can expect a change of trend or at least an end of downtrend at the end of the week.
*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.