- 2018-03-25
Bitcoin (BTC/USD) is finishing its trading week near 8445.
BTC reached 9050 on the previous day but bullish move was not stron enough to reach the resistance level of downtrending corridor and went down.
There was also a star formed 4 days ago and it seem to be forming now too.
So it is very likely that Bitcoin will go down to the support level of new downtrend corridor at 6800 and may reach even 6500.
We can also see that intensivity of the market is very low and there is a narrowing of the corridor forming now (Triangle). So it’s very much likely that the price will go inside that Triangle for 1-2 weeks and then there can be a break out and new uptrend.*
It is risky to buy BTC now. Intensity of trading is very low and volatality of BTC is comparatively low too.
Still short-term trading is possible. BTC prices will most likely vary between todays price and 6900/6800 this week.
If BTC will be bought the coming week there should be put a proper stop-loss below the corridor’s support line because there is still bearish trend on the market and the price can begin falling more intensely.
*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.