Weekly Close Below 100-Week Moving Average on Bitcoin Price Chart

Bitcoin price closed the week below 100-week moving average which is one of great support. Even it closed below this great support, Bitcoin price started the new week with green candle. Even it seems as a bearish trap, Bitcoin price may close this week or next weeks below this moving average. It may be the beginning of big bearish trend.

Here you can see weekly chart of Bitcoin price. Bitcoin price is trying to be in upward wedge pattern. We have not seen any breaking up or down on this pattern. When we see breaking up or down on this pattern, we will see huge price moves on Bitcoin price chart. Breaking down 100-week moving average may be a reason for end of this pattern. Bitcoin price may break down this upward wedge pattern.

Here you can see weekly chart of Bitcoin price and the indicators. There is great downtrend line on RSI Indicator. It will take a year to break up. It means Bitcoin price will be in pressure by this resistance for a year. We will see bearish trend for a year.

MACD Indicator is trying to reverse up but It is so possible to see fake moves. MACD Indicator may go down after making fake move and continue bearish move.
Fisher Indicator is at the middle of chart. If we see more weekly red candles it will reverse up.
So, all of major indicator may reverse down again. If they reverse down, we will see breaking down on upward wedge pattern. We will see more weekly close below 100-week moving average..

So, we should be careful for crypto market and stock market. I think that Gold and Silver prices will go down in February. something is coming to us.

We will see..

Posted Using INLEO