This
BTCUSD
forecast/analysis is for the next 1-3 days.
*Indicators:*
Looking at the volume, it has decreased almost by half since my last post (yesterday 11AM EST), meaning that many people are waiting to see what will happen. There is no more strong pressure either up or down. This means there might be a consolidation around the current price range (47k-49k) before any changes.
The RSI conforms this as it is hovering very near 50%, which means the current price is what people expect it to be (it's neither overbought nor oversold).
My MACD analysis yesterday was spot on, as the price continued to rise and the pink bars got shorter. I still believe it will go up, because the 2 lines are getting very close together (always a sign of change). But due to the low volume, this could change as (like I said) many people are still on the fence and not really making any moves.
*Patterns:*
There are a few possible patterns here (keep in mind I'm still a beginner at this):
1) Upwards channel (?) in blue, with testing of lower line (45k-46k) and top line (52k-54k).
2) Downwards channel (?) in orange, with re-testing 45k and then 40k (top and bottom of Feb 8).
*Conclusion:*
I think that, in the long-ish term (2-3 days) it will go up. But in the short term (next 12 hours) it might still go down.
*Disclaimer:*
Nothing in this post should be taken as financial or investment advice. Cryptocurrency is highly risky. Only invest what you are comfortable losing.
BTCUSD
forecast/analysis is for the next 1-3 days. *Indicators:*
Looking at the volume, it has decreased almost by half since my last post (yesterday 11AM EST), meaning that many people are waiting to see what will happen. There is no more strong pressure either up or down. This means there might be a consolidation around the current price range (47k-49k) before any changes.
The RSI conforms this as it is hovering very near 50%, which means the current price is what people expect it to be (it's neither overbought nor oversold).
My MACD analysis yesterday was spot on, as the price continued to rise and the pink bars got shorter. I still believe it will go up, because the 2 lines are getting very close together (always a sign of change). But due to the low volume, this could change as (like I said) many people are still on the fence and not really making any moves.
*Patterns:*
There are a few possible patterns here (keep in mind I'm still a beginner at this):
1) Upwards channel (?) in blue, with testing of lower line (45k-46k) and top line (52k-54k).
2) Downwards channel (?) in orange, with re-testing 45k and then 40k (top and bottom of Feb 8).
*Conclusion:*
I think that, in the long-ish term (2-3 days) it will go up. But in the short term (next 12 hours) it might still go down.
*Disclaimer:*
Nothing in this post should be taken as financial or investment advice. Cryptocurrency is highly risky. Only invest what you are comfortable losing.
