Even we have seen weekly red candle on Bitcoin price chart, Bitcoin price closed the week above 8-week moving average. MArket maker tried to close the week above 8-week moving average and It is done!
Here you can see weekly chart of Bitcoin price. 200-week moving average is at 63553 USD level. Bitcoin price closed the week at 63570 USD level. It is so important signal for midterm. This is why market maker tried to close the week above this average. After closing the week, Bitcoin price started the new week with weekly red candle.
Here you can see the indicators on weekly chart of Bitcoin price. Fisher Indicator reversed up from the bottom. MACD Indicator reversed up below 0 level. There is great resistance on RSI Indicator.
Bitcoin price will be under resistance by this great downtrend line on RSI Indicator.
We will see mini uptrend on these indicators if we dont see weekly close below 8-week moving average. This is why market maker closed the week above this important average.
The importance of 8-week moving average is so high. We should follow weekly closes. If we see weekly close below this average, we may meet another bearish wave on Bitcoin price chart.
We will see..
Posted Using INLEO
