Weekly Bitcoin Price Prediction (20/02/2020)

Bitcoin price started to fall as we have predicted (click here to see our previous prediction). There is no exact reason for that fall. In our opinion, Bitcoin has risen enough for a while and we may start to see some falls because people want to get their profit. If you put our stop-loss point, that fall did not affect you badly. Halving is still on so rising in the price is a normal position for middle term investment (click here to see the countdown). However, we must know that the halving situation will not affect altcoins directly. So let’s start our Weekly Bitcoin Price Prediction (20/02/2020).

Interpretation: Unfortunately, we are not in the rising channel trend anymore for 2 days (turquoise lines). As we predicted last time, the price has risen up to the purple line then started to fall not breaking the resistance to go up. However, short term moving average (blue line) is still above long term moving average (red line). In addition, RSI decreased breaking its rising trend to fall as well (orange line).

Prediction: Short term moving average (blue line) is still above long term moving average (red line). It means that we are still in rising trend. However, the price is not in the rising trend channel anymore. Therefore, it is smart to wait until the price goes up to the rising channel. In our opinion, the blue rectangular is a good support point as the price has risen to that value and started to rise a couple of times (blue rectangulars).


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