Relative Strength Index: RSI is at a healthy 55 points at the time of writing. It’s coming down from a peak of 80 points a few hours ago. Looking at RSI’s behavior the past couple days, we can see it has been out of bounds only 3 times. That’s a signal that the market is relatively stable, and may continue trading sideways.
Bollinger Bands: Looking at the BBs, we can see the price is right in the middle of the upper and lower bands. Moreover, we can see the deviation between the two bands is decreasing. This also signals a sideways trading market, especially with the recent breakout.
Volume: The volume is relatively low at the time of writing. However, there is still enough market activity for Bitcoin to be able to move up or down a few percent. Looking at the chart, we can see Bitcoin previously moved around $100 in either direction with similar amount of volume.
BITCOIN PRICE PREDICTION
The RSI and Bollinger Bands are both signalling a sideways trading market. The low volume only confirms the indicators’ sentiment. As such, my prediction is that Bitcoin will continue to trade sideways at least through tomorrow. With labor day here, US volume is going to be minimal so unless China makes some big moves the price should remain stable.
Read More: Bitcoin Price Analysis and Prediction for September 2nd
Bollinger Bands: Looking at the BBs, we can see the price is right in the middle of the upper and lower bands. Moreover, we can see the deviation between the two bands is decreasing. This also signals a sideways trading market, especially with the recent breakout.
Volume: The volume is relatively low at the time of writing. However, there is still enough market activity for Bitcoin to be able to move up or down a few percent. Looking at the chart, we can see Bitcoin previously moved around $100 in either direction with similar amount of volume.
BITCOIN PRICE PREDICTION
The RSI and Bollinger Bands are both signalling a sideways trading market. The low volume only confirms the indicators’ sentiment. As such, my prediction is that Bitcoin will continue to trade sideways at least through tomorrow. With labor day here, US volume is going to be minimal so unless China makes some big moves the price should remain stable.
Read More: Bitcoin Price Analysis and Prediction for September 2nd