Bitcoin Price is on Critical Support on Weekly Chart
Bitcoin price is on critical support which is the middle line of Bollinger Bands in weekly chart. It is very important support for Bitcoin price that I don't imagine if Bitcoin breaks down this support line.
Here you can see weekly chart of Bitcoin and Bollinger Bands. I drew with the arrows the similarities between past and now. You can see what happened when Bitcoin price broke down the middle line of Bolllinger Bands in weekly chart.
It is so possible to see breaking down of the middle line of Bollinger Bands.
Here you can see the indicators on weekly chart of Bitcoin. This is why I said that it was so possible to see breaking down of the middle line of Bollinger Bands.
There is bowl pattern on RSI Indicator. It is broken down. I shared lots of analysis and showed you that RSI Indicator is great signal for future. It means, price will break down the bowl. It means, Bitcoin price will break down the middle line of Bollinger Bands.
So, it is very possible to see price drop on Bitcoin price chart in a few week. Bitcoin price went down more than 10% in a week when it broke down the middle line of Bollinger Bands in September. It is hardly possible to see same scenario. We may see Bitcoin price again in 5xK level.
I am waiting with my cash. If this price drop happens, lots of altcoin will go down more than 20%. I will pick up them and Hive.
We will see...
Thank you, friend!
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmd7of2TpLGqvckkrReWahnkxMWH6eMg5upXesfsujDCnW/image.png)
![image.png](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmWDnFh7Kcgj2gdPc5RgG9Cezc4Bapq8sQQJvrkxR8rx5z/image.png)
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
Congratulations, your post has been upvoted by @upex with a 0.42% upvote. We invite you to continue producing quality content and join our Discord community here. Keep up the good work! #upex
Thanks for sharing your analysis, have a great week.