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Bitcoin Price: Technical Analysis

Technical Analysis

What happened

Our previous forecast was right – bears took BTC down to $6400.

What’s next

Now the price consolidates in the narrow range of $6400-7000. RSI is in the oversold zone which hints at a possible short-term price growth. MACD is in negative zone signalling of bearish dynamics in a mid-term.
Thus, most likely Bitcoin will leap down from $7000 to $5800. If the trade stabilizes above $7000, there might be a growth of $7800 with a consequent drop down.

Disclaimer

Our price analysis is for information purposes only. Please make the Bitcoin purchase and investment decisions independently at your own risk.

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