200-week moving average is one of great support and resistance on Bitcoin price chart. Bitcoin price went down quickly from 80K to 58K. We have seen weekly close below 200-week moving average. After closing the week below this great average, Bitcoin price closed the week above 200-week moving average.
Here you can see weekly chart of Bitcoin price. I shared lots of analysis about 200-week moving average and pointed possible bearish trap of market maker. After breaking down this great average, market maker closed the week above 200-week moving average again. It may be a bearish trap.
After closing above this average, we may see Bitcoin price closing the week below this average.. It will be bullish trap. Market maker always makes traps..
Here you can see the indicators on weekly chart of Bitcoin price. Fisher Indicator is on the bottom and trying to reverse up. It is at good level to reverse up.
MACD Indicator is below 0 level. It may reverse up if we see weekly green candles.
There is great downtrend line on RSI Indicator. Bitcoin price will be bearish season while it is under this resistance.
58K USD is great support level for Bitcoin price chart. Even there are resistances and traps on Bitcoin price chart, we should not see weekly close below this level.
We will see..
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