This is 3rd week that Bitcoin price touched 8-week moving average. It is great signal for midterm. It is important to abovev this average to continue bullish trend for midterm.
Here you can see weekly chart of Bitcoin. You can see what happened when Bitcoin price above and under this average. This is why Bitcoin price is trying to stay above this average. This week Bitcoin price started with huge green candle. After touching 3 times to this average, Bitcoin price went up and trying to go up all time high.
Here you can see daily chart of Bitcoin. Bitcoin price is under pressure when we look at the indicators. There is downtrend line on Fisher Indicator. Bitcoin price may be under pressure by downtrend of Fisher Indicator until end of July. There is also great bowl pattern on RSI Indicator.
Bitcoin may touch the bottom of RSI Indicator at the end of July. MACD Indicator is going down even it tried to reverse up. It should complete correction. It is still at too high level.
Even Bitcoin price seems as going to all time high, it is still under the pressure of downtrend lines. Bitcoin should complete bearish patterns. They will be completed until end of July.
We will see..
Posted Using INLEO
