Bitcoin Price Supported by 200-Week Moving Average

There is great support level on Bitcoin price chart. 200-Week moving average was great support on Bitcoin price chart. It supported Bitcoin price after market crash. Bitcoin price went down from 80K to 60K. There is 200-Day moving average on 80K USD level. This is why Bitcoin price reversed down from this level. 200-x moving average is important resistance and support level on Bitcoin price chart.

Here you can see weekly chart of Bitcoin price. We have seen same scenario as before. Bitcoin price broke down 200-week average before. It was consolidation time for Bitcoin price chart. We may see breaking down 200-week moving average again.

Here you can see the indicators on weekly chart of Bitcoin price. There is great downtrend line on RSI Indicator. Bitcoin price will be bearish season during being below this resistance. Fisher Indicator reversed down from the top. MACD Indicator is close to reverse down.

Bitcoin price will go down for a few weeks. We need to see bottom on these major indicator before reverse up.

There may be only one market crash on Bitcoin price chart. After this market crash we may pick up for the next bullish season.

We will see..

Posted Using INLEO