So far, Bitcoin has created 23,000 millionaires. You can be another millionaire through buying/holding/selling, if know the long-term Bitcoin price prediction, especially now that Bitcoin mining is not as easy as it was used to be. Even if knowing the Bitcoin price direction doesn’t make you rich, at least it can prevent you from entering this market at the wrong time, so that you won’t lose your shirt like something that has happened to so many other Bitcoin traders.
Before you read the rest of this article, please note that this is NOT a trading or investment advice and we are not trading and investment advisers. We are sharing this just to answer the questions of those who are interested in these market. You understand that you buy/sell/hold at your own risk.
Please note that nobody can “predict” the price direction. We guess the next probable directions of the price. Then we decide based on the most probable movement. Traders are used to call this “prediction”, which is OK, but is not 100% correct. We just analyze and decide based on our analysis results. We can’t predict anything.
Analysis of the Bitcoin Price Chart
Please look at the below weekly chart. What do I have on it?
Yes, these are even more than enough. You don’t need any of the indicators like RSI, MACD, Stochastic, etc. Not that these indicators are not good. You just don’t need them. The price chart is enough to analyze the price movements. Bollinger Bands is a big help. But you don’t need the other indicators.
Bitcoin has collapsed during the past 4-5 weeks. But, it has also had much stronger down movements in the past. It has been going down from December 2017 to January 2020 that it started going up again. So, it will go up again. But it cannot easily reach the highest high it has formed long time ago at $19,459. Why?
1. Many of those who made their profit and went out of this market, don’t like to enter again to risk the profit they have already made. They are happy with what they have already achieved and don’t want to risk their profit.
2. Those who still have the appetite of making profit on this market, are hesitant because of the fear that strong down movement of December 2017 to January 2020 has formed in their minds.
Therefore, people are hesitant to buy. It takes time for the Bitcoin market to attract the buyers trust again.
In spite of this, a strong buy signal or long trade setup is forming on the weekly chart.
What Do I Mean by Long Trade Setup?
Please follow the below chart.
Two of the candlesticks, 2020.03.08 and 2020.03.15, have broken out of Bollinger Lower Band strongly. This has happened around a relatively strong support level at $6381.25 which is the point I have used for the 100% level of the Fibonacci I have plotted on the chart.
If the current forming weekly candlestick (2020.03.22) closes with a relatively strong bullish (white) body, then the long trade setup I talked about will be fully formed.
What will happen then?
In general, we expect the price to go up after a strong long trade setup, especially on a strong time-frame like weekly. Therefore, if the long trade setup forms (#1 on the below chart), I expect the Bitcoin price to go up and reach the resistance line, which is around the 61.80% Fibonacci Level and $9,210 price (The green arrow on the below chart).
It is even possible that it breaks above the resistance line and goes higher, and complete the Butterfly Pattern, which equals reaching the $13,828 price at 0% Fibonacci level (#2 and #3 on the below chart).
If the long trade setup doesn’t form, the price still can go up and test the resistance line, but most probably it will stay below it and won’t be able to break above easily (#4 on the below chart).
This is all we can say for now. We will keep you updated. You can follow us here if you are interested in our next market analysis.
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