daily trading

Bitcoin started to fall as we predicted last week (click here to see previous prediction). The rising channel had been broken down last week already. Therefore, the price kept falling up to $8,800 for now. In our opinion, that fall is normal because people who bought Bitcoin earlier started to take their profit. The good news and what makes Bitcoin still trustworthy is that no political issue or epidemic (corona virus) can affect the price directly. So, this fall is not related to falls in the stock markets recently. Halving situation seems like a reason to rise for middle-term investors (click here to see the countdown). Let’s start our Weekly Bitcoin Price Prediction (27/02/2020) to see what is waiting for us.

Interpretation: As we stated before, we are not in the rising channel anymore (turquoise line). In addition to that, short-term moving average (blue line) is below long-term moving average (red line). RSI is also falling with the falling price.

Weekly Bitcoin Price Prediction: The purple, green and orange boxes show where the price felt before and started to rise later. So, our opinion is that the price may fall by those prices again and then start to rise. Because of that, the price in those orange, purple and green boxes are support values.

For ones who want to buy Bitcoin, it is a smart idea to wait until RSI falls by the red box. When the RSI is in the red box, the price trend may possibly change from falling to rising trend.

THOSE PREDICTIONS ARE JUST OUR IDEAS AND NOT INVESTMENT ADVICE.

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.