Monthly Chart of Bitcoin is Trying to Touch the Bottoms

This is 5th month that Bitcoin price got red candles. It is so difficult to see these red candles series on Bitcoin price chart. Even We have seen Luna crash, We saw only 3 monhtly red candles. So, something is wrong on crypto market.

Here you can see monthly chart of Bitcoin price. RSI Indicator is going down. It needs a few monthly red candles to touch the bottom level. This is 3rd month that 8-month moving average is going down. You can see what happened this moving average started to go down. We are only at the beginning of bearish season.

Here you can see the indicators on weekly chart of Bitcoin price. MACD Indicator is at lowest level. There is great downtrend line on RSI Indicator. We have not seen downtrend line as great as this one. It will resist Bitcoin price during this year.

200-week moving average is waiting Bitcoin price to touch. Bitcoin price should touch and break down this moving average. You can see what happaned before. Bitcoin price will enter the next bullish season when it breaks up 200-week moving average. So, it should break down this average..

Even we see bigger than 5% daily green candle, Bitcoin price can not enter mini bullish trend. There is something resist Bitcoin price and crypto market. There are lots of reasons that crypto market can not go up. We need only time.

We will see..

Posted Using INLEO