cryptocurrency daily trading

This is second week of new year. So, it is time to have a new Weekly Bitcoin Price Prediction for 01/09/2020 (Click here to see our previous prediction). Today what I am going to do is I will make a prediction for mid-term as it seems bitcoin is at decision-making point now in daily chart. Then let’s start.

Bitcoin price prediction
Bitcoin price prediction

In case of the war between USA and Iran, BTC (also oil, gold and silver) started to rise for a while and then turned into normal trend. The purple lines represent up and down trends and as you can see now the price is at the decision-making point to go up or go down.

In the first figure, it seems there is an Inverse Head-Shoulders situation, also short-term moving average (black line) is lower than long term moving average (red line). Moving average for 100-days (thick blue line) is almost at the bitcoin price now with rising trend of RSI (at the bottom) at So, now we are at very critical point.

In the second figure, it seems bollinger band got narrowed and the price started to rise up to top trend line for now. So, again we are at very critical point.

Bitcoin price Prediction

Firstly, I would like to remind that this prediction is for mid-term. According to the first chart, Inverse Head-Shoulders formation definitely offers a rise for the price. Moreover, the relation between short term and long term moving average supports that idea. As you can see from the first figure that whenever short-term moving average is higher than long-term moving average, the price goes up.

Moving-Average for 100-days is a good resistance and support point for price trend and here we are at the resistance of the current channel and support of the new upper channel.

In the second figure, narrowed bollinger band states that the price will change sharply and it has started to go up for now.

As a result, according to those indicators, if the price exceeds the top purple line (about $8000) and stays there for 2-3 days, we can expect the price may see $8,300-9,000 firstly. However, stop-loss for about $7,500 must also be considered in case of bull-trap.

Weekly Bitcoin Price Prediction 01/09/2020