Bearish flag pattern appeared on Bitcoin price chart. Bitcoin price is trying to stay above 100-week moving average. I shared lots of analysis about the importance of this moving average. It supported Bitcoin price as well. If we see breaking down on this moving average, the target of bearish flag pattern will be the bottom level for Bitcoin price chart.
Here you can see weekly chart of Bitcoin price. If bad news drops on crypto market, Bitcoin price will break down this great support level. When it is broken down, we will see Bitcoin price going down to 50K where is the target of bearish flag pattern. Even Bitcoin price is trying to stay above 100-week moving average, It will be painful if it breaks down this great support line.
Here you can see the indicators on weekly chart of Bitcoin price. Fisher Indicator is trying to reverse up. MACD Indicator needs a few weeks to reverse up. If we see more weekly red candles, it will take more weeks to reverse up.
There was great uptrend pattern on RSI Indicator and It is broken down. This is why Bitcoin price can not reverse up. We need to see more weekly candles to see the new pattern.
Even Bitcoin price dropped from all time high to 80K USD level, there are lots of bearish signals on this chart. We may see another bearish wave on Bitcoin price chart.
100-week moving average is great support on Bitcoin price chart. If it is broken down, we will see another market crash.
We will see..
Posted Using INLEO