It is about to close out a slightly bullish week for BTC. Today we seek to discover where the price of Bitcoin is likely to move, making a weekly forecast based on technical analysis and some fundamental data.
At the time of this writing, BTC is trading at $ 50,398.27, accumulating a gain of 1.01% during the last 24 hours.
While recent gains continue to be defended, analysts keep the bullish scenario as the most likely.
Danieljoe916, a verified analyst at CryptoQuant, shared his positive analysis of the current behavior, where he observes a second monthly close to the upside, which he considers a sign of strength, due to the fact that in the bear market of 2018 there were no 2 monthly bullish closes.
Add to the analysis a review of some fundamental data, such as the continuation of the decline in BTC reserves on exchanges, and the decision of the FED to leave interest rates low for longer. Both data tell us about a good position for Bitcoin for the remainder of the year.
Looking at other analyzes, we find that of the popular Willy Woo, in which he shows us an assessment of the supply shock model.
This model uses an algorithm that analyzes previous supply and demand situations similar to the current one, to determine the price of Bitcoin.
Currently this indicator shows a forecast of more than $ 55,000 per BTC. For the analyst, it is an even conservative price, since some of the data in the model is at an all-time high.
Bitcoin weekly forecast
To make our forecast, we are going to review the price behavior from the daily chart, where we observe a clear upward trend in the short term, thanks to the succession of increasingly higher lows and highs.
The 8-day EMA and 18-day SMA moving averages are crossed to the upside, following the short-term trend. Currently these averages are functioning as dynamic supports, and a new momentum seems likely to start soon.
There is a resistance zone that is hampering the price, and it is the one around $ 50,000.
- Right now the behavior tells us that it is most likely that this resistance will be crossed in the next hours / days.
- If it happens, reaching $ 58,000 will be the next goal.
- To be conservative, $ 55,000 can be hit this week.
- To think about sales, the 200-day moving average must be asked, which can open the way to a relevant correction. However, the larger trend could halt the decline quickly.
Major trend will seek to set new highs very soon
In the weekly chart we see the resumption of the trend in the medium and long term, which should lead the price to mark a new all-time high in the near future.
The moving averages 8 EMA and 18 week SMA are crossed to the upside, which may well function as dynamic supports if a correction occurs. However, it appears that the pullback will be postponed.
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