#BITCOIN - Reason Why it WON'T Cost $3000 Again
When you take a look at weekly Bitcoin chart, it's easy to notice that from the moment of the formation, MA200 never let the price break it down. Both, EMA200 and MA200 have always been solid supports. Here is the question: how bad things should be for BTC that the price breaks them down?
At the moment the moving averages are showing almost a horizontal vector and let us know the place of the future support. We can expect it to be around $5500 level - the ultimate support that won't let the price dump more. $5500 level also intersects with moving averages making this zone more important. After this we can draw a triangle with horizontal resistance, which means we can face
14K level quite soon. I also want to note that every time BTC falls to MA support, RSI steps in oversold zone.
Thus, if we see RSI in the oversold zone while Bitcoin is testing $5500 support - that's a green light for the bulls! Unfortunately though, if RSI doesn't seem devastating, the bears will have their chances.
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At the moment the moving averages are showing almost a horizontal vector and let us know the place of the future support. We can expect it to be around $5500 level - the ultimate support that won't let the price dump more. $5500 level also intersects with moving averages making this zone more important. After this we can draw a triangle with horizontal resistance, which means we can face
14K level quite soon. I also want to note that every time BTC falls to MA support, RSI steps in oversold zone.Thus, if we see RSI in the oversold zone while Bitcoin is testing $5500 support - that's a green light for the bulls! Unfortunately though, if RSI doesn't seem devastating, the bears will have their chances.
If you like this idea, do not forget to put Like and subscribe to the profile, so as not to miss the update.
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