- 2018-07-30
Bitcoin (BTC/USD) finished its trading week at 8221.
BTC was traded and still is going on above MA line. The past week BTC broke the Flag and had a strong and quick going up to maximum 8500 but didn’t stay there, closed at 8390 that day. It fell to 7939 within to days and then was traded in a very narrow corridor between 8300 and 8055 at the end of the past week.
Today BTC tried 8300 again, retreated and is going down now.
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 rather quick. But the indicators have been in the zone for almost 2 weeks now! So we can also expect change of trend soon.
The price seem to form the Triangle again past week and today it is trying to break down through its borders. So if it does it is likely that BTC will go down to try 7700 and even go down to 7300.
We seem to have the sideways trend’s intensity growth now. But it is also highly possible that it can change soon and we’ll have uptrend (most likely) or downtrend (possible).
BTC is traded above MA line. Today it’s already tried to break down through MA line and will possibly try again.
Oscillator’s indicators have been going sideways in the Overbought zone for almost 2 weeks.
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 BTC seem to be on the edge of 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 7700/7650 line and go even further down.
We expect BTC’s intense fall soon. But it can try to go up to try 8500 and even 8900 level before the fall. (It often does so before sharp movement).
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/sold BTC don’t correlate with the price’s moving.
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.