Bitcoin Price is in 3rd Weekly Green Candle After Red Weeks

We have seen one of the longest weekly red candles series on Bitcoin price chart. There was 6 successive weekly red candles on Bitcoin price chart. After touching 60K USD, Bitcoin price tried to reverse up. It entered consolidation period and Bitcoin price is in 3rd weekly green candle.

Here you can see weekly chart of Bitcoin price. After weekly close yesterday, Bitcoin price closed the week above 8-week moving average. It is one of great signal for mid term. Bitcoin price is in an ascending channel. It may touch the top level of this channel. I shared a few analysis about Bitcoin price chart and I was waiting for price dump at the end of this month.

Here you can see the indicators on weekly chart of Bitcoin price. MACD Indicator was at all time low level. It is trying to reverse up. If we see more weekly green candles, it will reverse up. Fisher Inidcator is on the bottom and trying to reverse up.

There is great downtrend line on RSI Indicator. It is very hard to see breaking up this year. Even we see more weekly green candle, we will not see breaking up great resistance on RSI Indicator.

There is still in bearish pattern on Bitcoin price chart. Even we see more weekly green candle, this pattern is on the table. 40K is the target of this bearish flag pattern.

We will see..

Posted Using INLEO