8 is important number for averages. Bitcoin price is under 8-month moving average. It is important for longterm. Being below this average means being in bearish season. Bitcoin price should close this month above 8-month moving average to reverse up and enter bullish season.
Here you can see monthly chart of Bitcoin price. Even Bitcoin price closed the last month with green candle, it is still below 8-month moving average. There is great downtrend line on Bitcoin price chart coming from all time high. We need to see breaking up this resistance.
Here you can see the indicators on monthly chart of Bitcoin price. Fisher Indicator is on the bottom. It is ready to reverse up. It need only a few monthly green candles. MACD Indicator is also on the bottom. It is getting ready to reverse up. We may see reversing up on these indicators if we see monthly green candles.
If we see monhty green candles, we will see mothly close above 8-month moving average.
Even we are in bearish trend and we are close to the new market crashes as I shared lots of analysis, Bitcoin price is also close to the bottom. It only need a few monthly green candles.
We will see..
Posted Using INLEO
