Weekly Bitcoin Price Prediction (23/01/2020)

Hi guys, our last Bitcoin Price Prediction has worked well again (click here to see last week predicton). Since last week BTC has risen and then fell by $8,500. As long as we have halving situation on May, rising trend is supposed to continue as well as some short-term fall for arrangement.

Interpretation: As you can see from the price chart, we are still above falling-trend channel showed with purple lines. Short term moving average (blue line) is still above long term moving average (red line). However, the blue line has just changed its trend from rising to falling. In addition, 100-day moving average (green line) has just touched the top of the falling-trend channel line. RSI is in rising trend (orange line).

Prediction: Although short-term moving average is still above long-term moving average, it has been starting to go down for 3 days. So we might see a falling trend for a few days . For this fall, $8,100 is a good support because both 100-day moving average and top of falling-trend channel are at that value. So, it is a good support point. However, we do not expect that much fall unless there is a bad unexpected situation leading to fall. As long as we are not in the falling channel, the trend is always positive to rise. If short-term and long-term moving average intersect, it is possible to see a falling stage trend. As a result, what we think is that the price will fall until RSI touches to the rising trend line (orange line) and then the price start to rise again.


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