Technical Analysis: BTC May Drop to $6,000 with 10-day Forecast

Technical Analysis: BTC May Drop to $6,000 with 10-day Forecast

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.

Bitcoin (BTC)

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


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.