Weekly bitcoin price analysis
13/7/2015 – Bitcoin price on the rise
All the indications from the previous week suggested an upside movement in the price index. Correctly so, the week started on a high with bitcoin price jumping a massive 14% to break the $300 mark and was trading around $310 comfortably. The price climbed up as high as $317.99, highest for the last seven month. The MACD and the Signal Line were pretty strong with values of 14.8326 and 9.6590 respectively. The Histogram value was at 5.1736. The worrying point was the daily RSI value of 79.4324; highest of 2015 which indicated extreme overbought situations.
14/7/2015 – Hold, hold, hold
Greece was determined to remain at Eurozone as the Greek government came to an understanding with the creditors. With Grexit situation more or less out of the scenario Bitcoin price dropped by more than 8 percent. After the news of the Greece deal, the price dropped to $281 mark for some time than stabilizing at $294 mark. The MACD was positive with a value of 13.8294 with values like Signal Line and Histogram were also positive values of 10.2689 and 3.5605 respectively. The MFI declined to 59.3305 suggesting a bigger Bitcoin price drop in future. RSI value was at 66.8742, eased from its highly overbought levels.
15/7/2015 – Movements expected
As the Greece economy situation still headed for uncertain future, Bitcoin was sizing up for some action with market price being down by 1.63%. Bitcoin value was around 288.9$ mark. The MACD held a healthy position at 13.0754. Signal Line and Histogram had values of 10.8195 and 2.2559 respectively, keeping each other honest. The current downfall brought some changes to MFI which held steady in the July. It was at the 59.8579 mark. The RSI was still holding at a safe position with a value of 63.3488.
16/7/2015 – Still at bay
All the prediction of some movements in the Bitcoin market proved wrong as the market price moved slightly from $288.89 to $289.97 mark. As Bitcoin price struggled to move upward, the Histogram declined to 1.2703 with flat MACD value of 12.6067 and Signal Line value of 11.3364. The MFI showed stability 60.1738. The RSI held its strong position at 63.3654.
17/7/2015 – Caution all the way
After the news was confirmed that ECB and EU would grant funds for Greece Bitcoin price took a hit by 4%. The price was back down to $280 mark. As the price declined, the Histogram dived into the negative area and had a value of -0.9234. However, The MACD and Signal Line showed their strength with values of 10.5854 and 11.5087 correspondingly. The MFI dropped to 56.1785 with the RSI value declining to 55.9893.
Weekly bitcoin price prediction
The price is expected to drop for the next few days unless something dramatic happens which is highly unlikely. If we analyze the prediction chart from Coinbase we see that the price is set to hover around $270 mark.
According to Bitstamp, the price is predicted to dive even more and it can get as low as 260$.
After the Greece situation Bitcoin price climbed up for sometime, and it looks like it is going to roll back down. It is safe to say that the next week will be on the downside for Bitcoin in terms of market price.
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