Even Bitcpin price started green in new week, there are lots of bearish signals on weekly chart of Bitcoin price. They may be confirmation of starting bearish season. There was great bowl pattern on Bitcoin price chart. Even Bitcoin price seems supported by this pattern, hidden bearish signals warn us.
Here you can see weekly chart of Bitcoin price. After 2 red weeky candles, Bitcoin price broke down bowl pattern coming from the bottom level of 2022. Even Bitcoin price finished the week above this bowl pattern, hidden bearish signals appeared on Bitcoin price chart.
Here you can see the indicator on weekly chart of Bitcoin price. There was great support line on RSI Indicator. There was also great downtrend line on this indicator. They will be crossed until the beginning of this year but RSI Indicator broke down support line. It is so important. Because it is coming from the bottom level of 2022. It is coming from the beginning of bullish trend. So, bullish trend is broken down.
This is why I say that it is hidden major bearish signal. So, we can say that Bitcoin price entered bearish season. There is no importance to follow the price. RSI Indicator broke down great uptrend line. Bullish season has been finished. We will follow the new trend on RSI Indicator.
Other major indicators also need correction. RSI Indicator is the major trigger for price and other indicator. We will see same breaking downs on other major indicators.
It was only about weekly chart. The monthy chart of Bitcoin also has bearish signals. We will see them at the end of this month.
So, We should wait to see the other signals of bearish season for Bitcoin price.
We will see..
Posted Using INLEO