03
Oct, 2019

Bitcoin : Weekly Analysis

After a downfall week for Bitcoin’s price, the entire market is waiting for the next move as the news from the previous week, even if they were important, didn’t bring the expected outcome.

 

The launch of Bakkt for trading futures on Bitcoin with profit and losses clearing in Bitcoin also, was the biggest headline for the previous week. Its archrival. CME, announce that it doesn’t  have in its plans to launch a similar service but it want to include options on Bitcoin in Q1 2020.

 

The price seems to be affected both from the news from the crypto industry and the technical trading features. The price was stabilized around $ 8,500, a negative signal as it shows that there are not enough investors willing to buy in higher levels. The next downward resistance is at $ 7,700 and if it breaks, we might see a fall at $ 7,300.

 

The moving averages in all phases are on downward movement while the RSI index is on the oversold area, showing that the fall may continue.

 

In the opposite case, if there is an upward trend over the $ 8,500 limit, we may see again the price at $ 9,000 level again. In the next week, we expect a new decisive move on both sides.