Bitcoin / TetherShort
BTC - Weekly Outlook
We are seeing the same bearish confluence on the weekly as we have seen on the daily. Although our long term RSI downtrend has been broken (pink line) the RSI is revisiting its key 60 level. I have placed a black line here and circled a few of the times BTC has played with this RSI level. Also it looks like we could be trying to form a double top here on our RSI (Red arrows).
In addition to the RSI, we have key moving averages to take into account. I have outlined the 50MA (green) and 200 MA (blue). Both are converging right now creating the first weekly death cross ever for BTC. Since we are below right now technically they will act as resistance. On the bright side, once we start closing weekly candles above these two moving averages then we will see BTC's first ever golden cross on the weekly.
In addition to the RSI, we have key moving averages to take into account. I have outlined the 50MA (green) and 200 MA (blue). Both are converging right now creating the first weekly death cross ever for BTC. Since we are below right now technically they will act as resistance. On the bright side, once we start closing weekly candles above these two moving averages then we will see BTC's first ever golden cross on the weekly.
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