After three weekly green candles, bearish candle appeared on Bitcoin price chart. There was mini uptrend line on Bitcoin price chart. Bitcoin price broke down this uptrend line last week. After breaking down uptrend line, bearish candle appeared on Bitcoin price chart. These are price correction signals.
Here you can see weekly chart of Bitcoin price. We have seen 6 successive weekly green candles in this year. Bitcoin price ended 3 successive green candles serie in this uptrend. I shared a few analysis and pointed this green candles serie. Bitcoin price also closed the week below uptrend line. We will see price correction in next days.
Here you can see the indicators on weekly chart of Bitcoin price. They can show us why there is possible price correction on Bitcoin price chart. Fisher Indicator is on the top and trying to reverse down. If we see weekly red candles on Bitcoin price chart, it will reverse down.
MACD Indicator is trying to stay above 0 level. If we see reversing down on Fisher Indicator, we may see reversing down on MACD Indicator.
There is great possitive signal on RSI Indicator. There was great downtrend line on RSI Indicator. It broke up this great downtrend line. Bitcoin price entered long term bullish season.
Even Bitcoin price entered long term bullish season, we may see price corrrection on Bitcoin price chart. Bitcoin price went up fast from 60K to 86K, It needs price correction.
We will see..
Posted Using INLEO
