Crypto Daily: The Big Bitcoin Forecast for Autumn

Over the past day, the price of Bitcoin has not changed in any way and continued to fluctuate in the range of $11,600 — $11,800. Trading volume and volatility are at very low levels, which indicates a lack of interest in the market. Such circumstances do not play into the hands of Bitcoin.

Let’s take a look at Bitcoin’s weekly timeframe to understand its long-term perspective:

First, let’s take a look at the RSI indicator. It got as close as possible to the overbought line but cannot break through it yet. At the same time, RSI did not show any significant corrections for 6 months.

Stochastic is already in the overbought zone and is now consolidating there. Also, this indicator has drawn a double top, which may be a sign of a trend reversal.

Let’s take a look at Bollinger Bands:

You can see from the chart that the price has been above the Bollinger average line for a long time. Moreover, the chart pierced the upper border 4 times, which serves as a signal for a reversal in the classical technical analysis.

We should also pay attention to the structure of the last candles. They are small in size, and at the same time, the body of the candles is much smaller than the shadows of the candles. This indicates that there is simply no strength to break through to the upside.

We stretched the Fibonacci grid in the first chart to understand where to expect the Bitcoin price, in the medium term in the fall. It shows that the closest levels at which Bitcoin can stop is $ 9,700 — $ 10,000, and then $ 7,000.

For now, we can see a slight rise in Bitcoin to $13,000, as there is still some headroom to go up. However, this growth is unlikely to become decisive and will be rather manipulative, since there are no preconditions for further growth.

We believe that the Bitcoin uptrend will be broken in the near future. There are many prerequisites for this, including long-term growth starting from March 2020, which sooner or later, should be significantly corrected.

Our recommendations

BNB/BTC hit our first target at 0.00206500 BTC. At this level, we sold a third of our position. Stop-loss is moved to breakeven at 0.00188800 BTC.

MATIC/BTC and ERD/BTC are still in the buy zone. Therefore, if you have not bought these coins yet, you can do it now.