A quick look at a couple of important indicators here on the weekly:
1. Note that the weekly RSI is struggling to stay above 50. We can see what happened the last time Bitcoin failed to stay above this crucial level. Is this foreshadowing a further bear market ahead?
2. The weekly 50MA is now around 7650 and we may challenge it again soon. Normally, this would be considered a strong support area, but volume has been very weak. Should Bitcoin close a candle below it, this would be yet another bear market signal.
Keep an eye out and trade safe.
1. Note that the weekly RSI is struggling to stay above 50. We can see what happened the last time Bitcoin failed to stay above this crucial level. Is this foreshadowing a further bear market ahead?
2. The weekly 50MA is now around 7650 and we may challenge it again soon. Normally, this would be considered a strong support area, but volume has been very weak. Should Bitcoin close a candle below it, this would be yet another bear market signal.
Keep an eye out and trade safe.
