Bitcoin Price is Trying to Go Above 8-Week Moving Average

Bitcoin price is in 2nd green week after 6 weekly red candles. Bitcoin price tried to reverse last week and reversed down from 8-week moving average. This week is 2nd week Bitcoin price is in green candle.

Here you can see weekly chart of Bitcoin price. Bitcoin price stuck into ascending channel. It is trying to break up the middle line of this channel. 8-week moving average is also great resistance for Bitcoin price chart. This week Bitcoin price touched this moving average again. It can not break up this average. You can see that happened while being above and down this moving average. It is great signal for midterm trend. This is why 8-week moving average has importance.

Here you can see the indicators on weekly chart of Bitcoin price. There is great resistance on RSI Indicator. Fisher Indicator is on the bottom and trying to reverse up. We may see reversing up on Fisher Indicator after green weeks. MACD Indicator is on the bottom. It is at all time low level. We may see reversing up on MACD Indicator.

Even these major indicators reverses up from the bottom, There is great resistance on RSI Indicator.

Bitcoin price is under pressure of great resistances. This is why Bitcoin price can not go up.
I shared an analysis about possible the next price drop on Bitcoin price chart. We may see price drop at the end of this month.

We will see..

Posted Using INLEO