So far, we have been doing very good job for Weekly Bitcoin Price Prediction (click here to see our previous predictions). Obviously, the beginning of 2020 has been profitable for all crypto investors and most of them has earned 30% profit at least. Good thing is that not only Bitcoin but also most of Altcoins increases. Halving situation is still running the market for Bitcoin and price is going up (click here to see the countdown), which effects Altcoins positively as well. However, that rise without good support points may lead to huge falls for Altcoins. Therefore, the investors must always consider a stop-loss value. Then, Let’s start with Weekly Bitcoin Price Prediction (13/02/2020).
Interpretation: The price is still in the rising channel (turquoise lines) and Short term moving average (blue line) is still above Long term moving average (red line). In addition to those, RSI has finally passed 70 and started to form a rising triangle (orange line).
Prediction: The price is at the top of the rising channel (turquoise line) so we may see some falls for 1-2 days if it cannot exceed the channel. However, Short term vs long term moving average situation directly shows a rising trend for longer than 1-2 days. RSI is above 70 and still in the rising trend, which also shows overall rise in price.
As a result, all indicator states a rise so far. However, as you can see from the purple rectangular the price has tried to pass about $10,700-10,800 and failed a couple of times. So, we can consider that as a mighty resistance to pass. In our opinion, BTC will reach that value in this week and then decide where to go. In case of falling, $9,700 is a good stop-loss point according to the rising channel trend.