BITCOIN (#BTC): Weekly Forecast
Updated
Impressive end of weekend for BTC - we saw huge drop down occured from the “Global Downtrend Resistance” coming from 19.5K. Eventually the BTC price stopped at the last support at around 6.8K.
What we can expect now? If I focus only on technical indicators - downtrend will continue. All of indicators are bearish: EMA50/200 Death Cross, Bearish TK-Cross, Stoch is declaining. Also mentioned 19.5K resistance si still not broken.
Also remind us of 06.02.2018, when BTC price dropped down at 5.9K. We are not far from this price, so we can expect BTC to test this “double bottom” value again. So, be ready - it will be good opportunity to go LONG position.
Second option - BTC will stuck on market flat between 6.5K - 7.1K to get through 19.5K resistance.
What we can expect now? If I focus only on technical indicators - downtrend will continue. All of indicators are bearish: EMA50/200 Death Cross, Bearish TK-Cross, Stoch is declaining. Also mentioned 19.5K resistance si still not broken.
Also remind us of 06.02.2018, when BTC price dropped down at 5.9K. We are not far from this price, so we can expect BTC to test this “double bottom” value again. So, be ready - it will be good opportunity to go LONG position.
Second option - BTC will stuck on market flat between 6.5K - 7.1K to get through 19.5K resistance.
Note
Note
"So, dropdown! BTC is testing support at 6.5K now. Closing above $6 .5K will gives us hope for possible growth. On the other hand - closing below 6.4K confirm downward trend and first possible rebound at around 5.9K.See updated TA - I add demand/supply zones, new important resistances and RSI look."
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Due to 6.5K support failure!Note
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