BTC Price is Under Pressure of Weekly Chart

in #crypto5 days ago

BTC Price is under pressure of weekly charts signals. Weekly charts of BTC show us and say that there are lots of bearish signals are still on.

8 number is a Fibonacci number, equal to 3 + 5.
Fibonacci numbers shows us peoples psychology and and their behaviors.

Here is weekly chart of Bitcoin...

8-Week Average

As you see, After weekly closing below 8-week average, something went bad for Bitcoin price from 64K to 28K. After closing above 8-week average, mini bullish trend started for Bitcoin...

Yesterday was important day and I think market maker tried to close the price above 8-week average. And He succeed it!

Ekran Resmi 20210913 21.56.35.png

But there are some problems on weekly BTC chart.

Weekly RSI Indicator

There is a great resistance on weekly RSI chart coming from the beginning of 2021. That is why BTC price fell down from 52K. It is great resistance and not easy to be broken...

RSI chart says us pressure will last until next year!

Ekran Resmi 20210913 21.50.02.png

Weekly MACD Indicator

MACD Indicator of BTC is horrible. I shared a post about BTC Price is on Both Great Support or Cliff and If MACD breaks down It may be a high cliff for BTC...

Ekran Resmi 20210913 22.05.04.png

Fisher Indicator

Here is chart of BTC with all indicators I believe. Fisher indicator turned back to down. If It is not fake turn, we may be the top of mini trend.

Ekran Resmi 20210913 22.34.23.png

I tried to find negative signals for Bitcoin weekly chart. Even They are major signals, we dont know the future.. A few news can change everything...

We will see...