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Weekly Bitcoin Price Analysis and Prediction

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This is 99Bitcoins’ 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’s price jumping a massive 14% to break the $300 mark and was comfortably trading around $310. The price climbed up as high as $317.99, the highest mark of the last seven months. 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; the highest value registered in 2015, which indicated extreme overbought situations.

Bitstamp price chart – 13/07/2015
Bitstamp buy/sell volume – 13/07/2015

14/7/2015 – Hold, hold, hold

Greece was determined to remain at Eurozone as the Greek government came to an understanding with its creditors. With the Grexit more or less out of the equation, Bitcoin price dropped by more than eight percent. After Greece started discussing a possible deal, the price dropped to $281 for some time, then stabilizing at $294. The MACD was positive with a value of 13.8294, while values like Signal Line and Histogram were also positive (10.2689 and 3.5605, respectively). The MFI declined to 59.3305, suggesting a bigger Bitcoin price drop in the near future. The RSI value was at 66.8742, easing from its highly overbought levels.

Bitstamp price chart – 14/07/2015
Bitstamp buy/sell volume – 14/07/2015

15/7/2015 – Movements expected

As the Greek economy situation was still considered uncertain, Bitcoin was sizing up for some action with its market price going down by 1.63%. Bitcoin value was hanging around the 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 was at the 59.8579 mark and is holding steady throughout July. The RSI was still holding at a safe position with a value of 63.3488.

Bitstamp price chart – 15/07/2015
Bitstamp buy/sell volume – 15/07/2015

16/7/2015 – Still at bay

All the predictions regarding the Bitcoin market proved wrong as the market price moved slightly from $288.89 to $289.97 mark. As the Bitcoin price struggled to move upward, the Histogram declined to 1.2703 with a flat MACD value of 12.6067 and Signal Line value of 11.3364. The MFI showed stability at 60.1738. The RSI held its strong position at 63.3654.

Bitstamp price chart – 16/07/2015
Bitstamp depth buy/sell volume – 16/07/2015

17/7/2015 – Caution all the way

After confirmation that the European Central Bank and the European Union would help Greece with a new rescue, the Bitcoin price took a hit of four percent. The price was back down to $280. As the price declined, the Histogram plunged into negative numbers with 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.

Bitstamp price chart – 17/07/2015
Bitstamp depth buy/sell volume – 17/07/2015

Weekly Bitcoin price prediction

Regarding the future, the price is expected to drop over the next few days unless something dramatic happens, which is highly unlikely. If we analyze the prediction chart from Coinbase, we can see that the price is set to hover around the $270 mark.

Bitcoin price prediction – Coinbase

According to Bitstamp, the price is predicted to dive even more and it can get as low as 260$.

Bitcoin price prediction – Bitstamp

After the Greek situation, the Bitcoin price climbed up for a while, but 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.

Chart source: BFXDATA , Bitcoin Forecast

Mainul is a student at Khulna University in Bangladesh. He is an avid Bitcoin fan since late 2013. Mainul covers stories from within the Bitcoin community, cyber crimes and Bitcoin adoption.

View all Posts by Mainul Alam Niloy

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