The overall forecast for the next 10-days is one of a possible drop to the $6,000 mark with signs that the price has failed to break above the $9,000 mark and may plummet in the short term.
The price has failed to break above the $9,000 and move back on an upward trajectory along the support of $10,000. This isn’t the first time that the price has failed to break above this trend.
The price has been dropping consistently and may continue down to the low of $6,000 once again. These changes come has Google search trends and Bitcoin trading volume indicates a sell signal.
The MACD shows consistent sell signs with little overall momentum upwards. There have been various death cross signals where the SMA and EMA crossed over. This suggests a downward trend and continued resistance.
The RSI shows increased strength but still a medium average that promises little more than a flooring effect. This coefficient is still below the high average and is not indicating a strong buy signal.
The ROC has increased substantially since the decelerated growth at the start of March and may indicate a high risk of downward trends. The rate of change has increased activity which has been a strong indicator of volatility this week with large swings of over $1,000 in a single day.
We performed a 10-day forecast using regression analysis and predict a massive drop in price early in the coming week. This is an amended homegrown algorithm that takes advantage of linear models using a simple regression algorithm.
The data is sourced from Bitcoin patterns from past historical prices. The pattern for the coming week shows a strong drop around the beginning of the week.
|BTC 10-day Forecast using Regression Model|
|Day||Date (UTC time)||Predicted Price (Close price)|
|1||Thu, 15 Mar 18||8023.7885278765|
|2||Fri, 16 Mar 18||7916.6089785411|
|3||Sat, 17 Mar 18||7710.1359706863|
|4||Sun, 18 Mar 18||7831.4283642772|
|5||Mon, 19 Mar 18||7251.165402497|
|6||Tue, 20 Mar 18||6656.752134222|
|7||Wed, 21 Mar 18||6935.323165015|
|8||Thu, 22 Mar 18||6804.182998978|
|9||Fri, 23 Mar 18||6674.500800444|
|10||Sat, 24 Mar 18||6634.28|