Hi guys, our last Weekly Bitcoin Price Prediction has worked well again and again (click here to see last week predicton). Since last week BTC has fallen by $8,300, then risen by $9,500 and now it is about $9,300. Even our RSI prediction worked very well and it has touched the rising trend line and went up again. We can still consider this rise thanks to halving event on May (Click here to see the countdown). So, let’s start to our Weekly Bitcoin Price Prediction (31/01/2020).
Interpretation: The price keep being above falling-trend channel showed with purple lines and Short term moving average (blue line) is still above long term moving average (red line). Moreover, 100-day moving average (green line) exceeded the top purple line finally and RSI is still keeping its rising trend.
Prediction: As long as Short-Term Moving Average is above Long-Term Moving Average and we are above the falling channel, everything is fine. The current price is at resistance point for now. If it is exceeded by $10,000, we can talk about $10,600 price for short-term and $12,000 for mid-term investment . However, small falls are still possible as we are at resistance point now. Support prices would be $8,900, $8,700 and $8,000. To sum up, BTC price will keep rising with short falls if it exceeds, $10,000. However, $8,700 seems like a good stop-loss point for short-term investment.
THOSE PREDICTIONS ARE JUST OUR IDEAS AND NOT INVESTMENT ADVICE.