According to our previous Bitcoin Price Prediction, we have predicted three support areas (click here to see previous prediction). During a week, the price kept going down by our first support area then slightly rose. So, ones who waited the price to fall have won. It seems to us that Halving situation does not allow the price to fall deeply (click here to see the countdown). Economical and stock market problems in the world (especially in the USA recently) may lead people to look for a safe investment. Limited moneys such as Bitcoin, Gold and Silver are the most important ones for that. This is because gold and silver have always been money for thousands of years and Bitcoin is a new decentralized concept for money and no one can manipulate it. After those small information, let’s start our Weekly Bitcoin Price Prediction.
Interpretation: The price is almost at the first support area as we drew last week. Short term moving average (blue line) is below long term moving average (red line). Moreover, the price is above 100-day moving average (purple line). RSI started to rise slightly during a week.
Bitcoin Price Prediction: The short term-long term moving average situation states that the price will keep falling. 100-day moving average line is a good support point for the fall. If the price turns into a start channel, we may possibly see a cup handle formation (orange and purple arches).
As long as the stock market goes down in the world, it is possible to see that invest in Bitcoin rises and cup handle formation may possible be formed in 2-3 weeks. In case of fall, 100-day moving average line is a good stop-loss point. Below 100-day moving average, unwanted huge falls can be possible.
THOSE PREDICTIONS ARE JUST OUR IDEAS AND NOT INVESTMENT ADVICE.