Weekly Close is Below 8-Week Moving Average on Bitcoin Price Chart

over 1 year ago (Edited)

Yesterday was the day of weekly close. Bitcoin closed the week below 8-week moving average which is Fibonacci number that determines midterm trend of financial instruments..

I shared lots of analysis and showed how 8-day or 8-week moving averages works..

Here you can see weekly chart of Bitcoin and 8-week moving average. Bitcoin price is still under 8-week moving average. but it is good to see. Because the level difference between price and moving average is getting closer..

Even Bitcoin price is under 8-week moving average, Bitcoin is trying to get ready for pump for midterm.

Here you can see Fisher and MACD Indicator that show us midterm. They are on the bottom and trying to reverse..

We need only a few weeks to reverse..

It may be this week or the beginning of October..

We will see..

Posted Using LeoFinance Alpha

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4 comments

@poshthreads 74

over 1 year ago

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@pixresteemer 71

over 1 year ago

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@luvshares 58

over 1 year ago

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@toluwanispecial 68

over 1 year ago

This is a good update and nice development to read about. I just wish the time for btc for Skyrocket should be near so that it can affect the ALTcoin in a positive way.

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