Bitcoin (BTC): The king is back? - Weekly Price Prediction

Bitcoin (BTC): The king is back? - Weekly Price Prediction

By Roberto D. | Price Analysis | 3 Feb 2020


Bitcoin: analisi di mercato settimanale (dal 28 gennaio al 3 febbraio 2020 su coppia USDT / BTC)

 

USDT / BTC market indecision phase

We start as always with an analysis of the pivot points on a 30D chart; last week we noticed that the price had opened above the pivot and then retraced and, after the increases of the last few days, go to test the R1 (in the 9400 $ area); let's say right away that moving on time frame at 4h the feeling is that this point is only a matter of time before the R1 is broken and there is a test of the R2.

The point is that it has arrived in the $ 11,500 zone and we will meet historical resistance again, obtained by tracing a straight line that joins the last two highs of December 2017 and June 2019, consequently the risk buying now is to end up hard respecting the bears in the moment. in which the test of that price range will take place.

On chart 7D we clearly see that at this moment they are tonic, the MACD has returned bullish and the price is abundantly above the three exponential moving averages at 20, 50 and 100 periods; as for the ichimoku cloud, the price is currently blocked in the cloud, so before evaluating the possibility of a purchase, even if it seems inevitable that it will happen, better wait for it to emerge completely from the cloud.

The trend appears markedly bullish even in the lower times (1D and, as mentioned, 4H) and this, together with all the sentiment, leads us to think that soon bitcoin will also break the R1 and will hunt for the R2.


Weekly forecast

Those who had not already bought would do well, in my opinion, to wait to do it; the risk, as I have explained, is to buy now and then see the price rise to a share of $ 11,500 and be entangled in a long bearish cycle in the event that this resistance violently respects the bulls.

Given the unpredictability to which BTC has always accustomed us, therefore, it is better to avoid unnecessary risks and wait to see what happens, if there is a breakdown of the share of $ 11500 then we would have a solid buy signal, otherwise we will have instead the opportunity to buy a final price later.

Anyone who is already a market has to do is take a positioning strategy by placing a stop loss immediately below the EMA100 on a 1D chart, so in the $ 8300 area; in this way, if you access a dump, it is possible to protect the profits accumulated so far, while if the bullish race continues to continue, we will not have to do much more than move a little more on SL as the price increases.

Please note: this post is not intended to provide in any way financial advice related to how to invest your money but it is for educational purposes only

 

 


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Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015 Telegram channel: https://t.me/dumbwaystoearn


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