BTCUSD - SUPPORT AT WEEKLY 20MA - WHAT'S NEXT?
BTCUSD
Overall Bitcoin still trading in the upward channel. Bouncing back from weekly 20MA at 48.5k.
Reasons to be Bullish:
1) Bitcoin still trading in the upward channel
2) Bitcoin price bounce from 48.5k 20MA on weekly timeframe.
3) Bitcoin green index at Neutral level
4) Possible to retest previous ATH 65k at the top of upward channel if the 49k support hold successfully.
Reasons to be bearish
1) MACD flipped red on daily and weekly TF
2) RSI below 50 on daily TF
3) Below daily 20MA 50MA and 100MA, if price lose 48k weekly MA support, the next support level will be at 42K daily 200MA.
Overall, as long as weekly 20MA acting as strong support as it always used to be, no reasons to be bearish still on Bitcoin. Possible upward first target will be around 63k 2.618 fib area and second target will be 3.618 area at 76k.
If 20MA weekly support broken, then possible we could see a big dump to 42k or lower in coming weeks.
Overall Bitcoin still trading in the upward channel. Bouncing back from weekly 20MA at 48.5k.
Reasons to be Bullish:
1) Bitcoin still trading in the upward channel
2) Bitcoin price bounce from 48.5k 20MA on weekly timeframe.
3) Bitcoin green index at Neutral level
4) Possible to retest previous ATH 65k at the top of upward channel if the 49k support hold successfully.
Reasons to be bearish
1) MACD flipped red on daily and weekly TF
2) RSI below 50 on daily TF
3) Below daily 20MA 50MA and 100MA, if price lose 48k weekly MA support, the next support level will be at 42K daily 200MA.
Overall, as long as weekly 20MA acting as strong support as it always used to be, no reasons to be bearish still on Bitcoin. Possible upward first target will be around 63k 2.618 fib area and second target will be 3.618 area at 76k.
If 20MA weekly support broken, then possible we could see a big dump to 42k or lower in coming weeks.
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