Bitcoin: Indicators predict a downtrend
In the weekly chart, BTC broke the short-term trendline (formed from January 2023 to present) after testing the 100-week SMA and reversing afterward.
At the same time, the MACD indicator has shown a sell signal in a bearish divergence state and the MACD line is receding close to the 0 threshold. This shows that BTC's short-term prospects are less positive.
Currently, the 50-week SMA is acting as support (equivalent to the area of 24,500 - 26,500 USD). The writer believes that the risk will increase if BTC loses this important support zone in the near future.
At the same time, the MACD indicator has shown a sell signal in a bearish divergence state and the MACD line is receding close to the 0 threshold. This shows that BTC's short-term prospects are less positive.
Currently, the 50-week SMA is acting as support (equivalent to the area of 24,500 - 26,500 USD). The writer believes that the risk will increase if BTC loses this important support zone in the near future.
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