Bitcoin Price Prediction Using Moving Averages
This is the Bitcoin 1 Day Trending Chart for investors. I'm just guessing at what the future moving averages might look like. I drew them in quickly with a brush.
Bitcoin price position had gotten so far distanced from the MA 50 and 200 that a correction was due. This even correlated perfectly with the RSI. Bitcoin was very overbought on the RSI, but is now corrected.
The MA 200, MA 50, and EMA 15 are all weighted to pull each other back to unity. So, you'd expect the MA 200 to slope up a little as it's being tugged up, as the MA 50 and EMA 15 slope down a little and get tugged closer to the MA 200. Price will continue to remain closest to the EMA 15 (hopefully).
There is a chance of a future wick touch on the MA 50 again, if you were looking for a good low buy entry point, and you believe we're still in an uptrend. It may even re-test the 50. Otherwise, if you sold, and are still waiting to re-enter, a good re-entry point for position would be if the price crossed the EMA 15 soon, in the next 6-8 days or so.
It would be good to see the price cross the EMA 15. That would signal a continuation in uptrend. However, if the price continues to bobble back and forth between the 15 and the 50, that's not so good. It may then be more likely to cross the MA 50 instead, and we will be in an intermediate-term downtrend. However, I don't have any reason to believe at this time that will happen.
Bitcoin price position had gotten so far distanced from the MA 50 and 200 that a correction was due. This even correlated perfectly with the RSI. Bitcoin was very overbought on the RSI, but is now corrected.
The MA 200, MA 50, and EMA 15 are all weighted to pull each other back to unity. So, you'd expect the MA 200 to slope up a little as it's being tugged up, as the MA 50 and EMA 15 slope down a little and get tugged closer to the MA 200. Price will continue to remain closest to the EMA 15 (hopefully).
There is a chance of a future wick touch on the MA 50 again, if you were looking for a good low buy entry point, and you believe we're still in an uptrend. It may even re-test the 50. Otherwise, if you sold, and are still waiting to re-enter, a good re-entry point for position would be if the price crossed the EMA 15 soon, in the next 6-8 days or so.
It would be good to see the price cross the EMA 15. That would signal a continuation in uptrend. However, if the price continues to bobble back and forth between the 15 and the 50, that's not so good. It may then be more likely to cross the MA 50 instead, and we will be in an intermediate-term downtrend. However, I don't have any reason to believe at this time that will happen.
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