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Weekly forecast Bitcoin technical chart

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Trade Setup
Total Profit: -796560 pip
Closed trade(s): 0 pip Profit
Open trade(s): -796560 pip Profit

Trade Setup:
We opened 8 BUY trade(s) @ 9064.91 based on 'Valley' entry method at 2019.11.10.

Open Profit:
Profit for one trade is 8069.21(current price) - 9064.91(open price) = -99570 pip
8 trade(s) still open, therefore total profit for open trade(s) is -99570 x 8 = -796560 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateJanuary 12, 2020 - 18:08
Currentrange bound
Forecastresumption of uptrend
Last weekBullish

Midterm forecast:

  • While the price is above the support 6094.35, resumption of uptrend is expected.
  • We make sure when the resistance at 9937.75 breaks.
  • If the support at 6094.35 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 7788 on 2019-09-26 and the trough at 6612.1 on 2019-11-25, the probability of downtrend continuation is decreased and the probability of resumption of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of resumption of uptrend is increased.
  • A trough is formed in daily chart at 6483.00 on 12/18/2019, so more gains to resistance(s) 8200.00, 8531.10, 9006.20 and maximum to Major Resistance (9937.75) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 65.

Take Profits:

  1. 9937.75
  2. 10914.00
  3. 12316.65
  4. 13737.50
  5. 15000.00
  6. 17095.65
  7. 19704.20
Click on the level to view price action history.

Symbol Released Current Forecast
Bitcoin (BTCUSD) new Mon, 10 Aug 2020
Bitcoin (BTCUSD) Sun, 2 Aug 2020
Bitcoin (BTCUSD) free Sat, 25 Jul 2020
Bitcoin (BTCUSD) Tue, 21 Jul 2020
Bitcoin (BTCUSD) Sun, 19 Jul 2020