Bitcoin Price is Trying to be in Ascending Channel

Yesterday was the last of the week and Bitcoin price closed the week below 8-week moving average. It is great signal for midterm trend. You can see what happened being above and below this average. Even Bitcoin price got huge weekly green candle previous week, It reversed down below this average. This is how 8-week moving average has importance.

Here you can see weekly chart of Bitcoin price. Bitcoin price got 2 weekly green candles after 6 successive weekly red candles. There weekly 2 green candles were only for price correction. We may see more weekly red candles. But Bitcoin price is trying to be in ascending channel.

If Bitcoin price breaks down this ascending channel, we may see more weekly red candles on Bitcoin price chart.

Here you can see the indicators on weekly chart of Bitcoin price. There is great downtrend line on RSI Indicator. It will resist Bitcoin price during this year. Fisher Indicator is on the bottom and trying to reverse up. Even it is trying to reverse up, It can not.

MACD Indicator is at all time low level on weekly chart of Bitcoin. It is trying to reverse up. If we see a few green weekly candles in next week, it will reverse up. If not, it will be only a fake bullish move on MACD Indicator.

We should be careful for possible breaking down on this ascending channel. If it happens there may be huge weekly red candles.

We will see..

Posted Using INLEO