Bitcoin Price Supported by Major Supports

Bitcoin price supported at 54K. There are lots of major supports. There was a descending channel on Bitcoin price chart. The bottom line of this channel is at 54K. The bottom line of Bollinger Bands is also at 54K USD. After seeing 4 red weekly candles, it may be normal to see green weekly candle in this week. These red candles were longer than in April. This is why Bitcoin price went down fast.

Here you can see weekly chart of Bitcoin and Bollinger Bands. Bollinger Bands is great support in weekly chart. Bitcoin price is trying to reverse at this level. Even Bitcoin price is below at the middle line of Bollinger Bands, It is very nice to be supported by major supports.

Here you can see monthly chart of Bitcoin price. Bitcoin price is at below 8-month moving average. It is very important to be up or down for uptrend or downtrend. Bitcoin should close this month 8-month moving average.

There is MACD Indicator is losing its power. If we see red candles in this and next months, MACD Indicator will reverse. It will be very hard to continue bullish trend. Bitcoin may enter mega bearish trend again.

FED interest rates will confirm the trend. Fisher Indicator reversed from the top and It may take long time for correction.

My strategy for crypto is to pick up until September or October without looking prices. I think we will enter bullish trend again in this year.

We will see..