Bitcoin price should close above 8-week moving average to continue bullish trend which is coming from 25K to 48K. 42K is important level 8-week moving average is there. It is signal of midterm trend. If we see weekly close above 8-week moving average, Bitcoin price will ente price correction. This price correction may continue to hit the middle line of Bollinger Bands.
Here you can see weekly chart of Bitcoin and 36K USD is the middle line of Bollinger Band. It will be support after breaking down 8-week moving average..
I shared lots of analysis while everyone was waiting for ETH news as bullish. I said it is impossible to break up 48K after ETF news. Technical analysis shows us the end of midterm trend..
MACD Indicator is getting close to reverse from the top. If MACD Indicators reverses from the top in weekly chart, it will take a few weeks or months for price correction.
We may see price correction until halving or after 2 months of halving...
As I said, MACD Indicator is important. We should follow this trend.
We will see...