Our previous Weekly Bitcoin Price Prediction has worked and the price has risen with small falls (click here to see our last week prediction). We can shortly say that the halving event effect is still on and it seems it will continue for a while (click here to see the countdown). So let’s see what we are going to expect for Weekly Bitcoin Price Prediction (06/02/2020).
Interpretation: Rising trend continues with small falls and rises (blue line). In addition, Short term moving average (blue line) has been above Long term moving average (red line) for a while. RSI also keeps its rising trend (orange line) but it seems there is a mighty resistance at 70 because RSI has been trying to exceed that point four times and failed (green line).
Prediction: Our inference from the interpretation above is that the BTC price will keep rising for a while if it exceeds 70 of RSI. So, we must always check RSI rising trend. Following this channel the price can rise by $10,300 and fall by $9,300 (as stop-loss point).
Worse case scenario is that the BTC price has tried to exceed current value before and failed with huge fall (purple square). So, we must also consider this scenario and $9,300 would be a good stop-loss price for precaution.
Our Weekly Bitcoin Price Prediction (06/02/2020) considers those 2 scenarios for next week. Although Rising price trend with rising RSI trend is a good scenario, we should always know that no price rises forever.
THOSE PREDICTIONS ARE JUST OUR IDEAS AND NOT INVESTMENT ADVICE.