Yesterday was the last day of the last week. Bitcoin price closed the week below 200-week moving average. It is important average for the trend. We have seen the same weekly close in May 2022. After Luna crash Bitcoin price closed the week below 200-week moving average.
Here you can see weekly chart of Bitcoin price. After closing the week below 200-week moving average, Bitcoin price reversed up and retested this average. After retesting, Bitcoin price went down slowly. We may see the same scenario. I shared lots of analysis and said I was waiting 4xxxx USD level for Bitcoin price chart. If Bitcoin retests 200-week moving average, It may go down slowly and this scenario happens.
Here you can see the indicators on weekly chart of Bitcoin price. Fisher Indicator is close to the bottom. It may reverse up if we see weekly green candles. MACD Indicator reversed down below 0 level. There is great downtrend line on RSI Indicator. It should break up this great resistance to enter the new bullish trend.
So, we may spend a few weeks below 200-week moving average. Bearish season will take a few weeks or months during this year.
We will see..
