Bitcoin is Trying to Be Above 8-Week Moving Average
8-week moving average is important for Bitcoin price for long term. Bitcoin is trying to be above 8-week moving average... Even Bitcoin has red weekly candle last week, it is pumped and being traded above 8-week moving average this week.
It is still safe level for bullish trend.. Today we saw hug moves on Bitcoin price chart. This shows why 8-week moving average is important.
You can see weekly chart of Bitcoin below. MACD Indicator is trying to reverse. Bitcoin price is trying to be above 8-week moving average..
When we look at monthly chart of Bitcoin, you can see the importance of 8-month moving average. 8 is one f Fibonacci number this is why it is important..
This week will be the war of being above 8-month moving average...
If Bitcoin stays aboe 8-month moving average we will be in bullish zone.. If not, we may enter mni bearish trend...
After halving, It is sure that Bitcoin will be above 8-month moving average for months..
We will see...
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For now, I'm more focused about RSI right now and I'm worried because the high liquidity zone seems to be at $25k. So, we might see a drop before a huge rise if there's a big news to trigger whales activities.
I'll be watching my chart to correlate this chart with what I have from my API on Bitget