Post
Topic
Board Speculation
Re: Bitcoin (BTC) Long Term Price Forecast
by
gamalzour
on 24/11/2018, 05:40:40 UTC
BTC/USD Long-term Trend: Ranging

Resistance levels: $7,200, $7,400, $7,600
Support levels: $6,400, $6,200, $6,000

The price of Bitcoin was range bound in the first week of November 2018. In retrospect, the digital currency was ranging above the $6,400 price level all through the month of October 2018. The major bearish event is that on October 11, the bears went deep into the $6,200 price level. While on October 15, the bulls had a price spike that reached the high of $7,600  but price pulled back to the low of $6,500.

That was why we had a price ranging above the $6,400 price level. On November 7, the price reached a high of $6,565.66 but was resisted. The digital currency was in a downward trend after the resistance at $6,600 price level. The digital currency is likely to fall because price is in the bearish trend zone.

Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.
The price has already dropped below the $6k and now $4k. Some people has started predicting that it will fall to $2k, but that’s all false information and I won’t take it. As for it dropping low to $4k, I was already aware of that cause a few experts predicted it sometime ago that the price will drop to $4k. Next thing we will see is a Bull run. So it’s better to get ready now so you don’t miss it.