- 2018-01-28
Bitcoin (BTC/USD) is finishing its trading week near 11828.
BTC is traded below Ichimoku Cloud and near the Conversion line. It reached 12190 but was not strong enough to stay there. It shows that today’s bullish move become weak.
There seem to be a Hanged forming today.
Additional indicator’s (MACD) lines are not showing a change of trend and Span of Ichomoku is crossing the Cloud. So there will be continuation of bearish move this week.
The price is very likely to go down to the support line of the recently formed uptrending corridor. It can reach 9000/8900 and even try to go further down at the end of the week.*
It is very risky to buy BTC now because downtrending is still going on.
Short-term trading is possible but buying BTC now is highly NOT recommended.
If BTC was previously bought and not sold yet there is high time to sell it now. There may be additional signal to sell it if the price goes below the Conversion line of Ichimoku (approx.11300). It is very unlikely that BTC will go higher than this level soon (can possibly come to this level in a year if ever at all).
*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.