ForexCryptoA

BTCUSD Weekly Forex Forecast 4 September to 8th September

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Midterm forecast:

While the price is above the support 4966.90, resumption of uptrend is expected.
We make sure when the resistance at 8200.00 breaks.
If the support at 4966.90 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:

The RSI resistance #1 at 50 is broken, so the probability of resumption of uptrend is increased.
While the RSI support #2 at 50 is not broken, the probability of price decrease would be too low.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 65.
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