Weekly chart analysis on BTC /USD.
If the candle close above the 200 MA (meaning that it found support), we could see a pump in the price up to the zone of 31,000-32,000 USD.
The 200 MA has been tested two times previously, as support, in dec-2018 and march-2020.
Looking at the same areas on the monthly, we can see that the price found support on the 50 MA instead (see seperate chart).
This could be a potential long position to take, looking at the market structure from a macro scale perspective.
If the candle close above the 200 MA (meaning that it found support), we could see a pump in the price up to the zone of 31,000-32,000 USD.
The 200 MA has been tested two times previously, as support, in dec-2018 and march-2020.
Looking at the same areas on the monthly, we can see that the price found support on the 50 MA instead (see seperate chart).
This could be a potential long position to take, looking at the market structure from a macro scale perspective.