200-Day Moving Average is on Bitcoin Price Chart for Resistance
There is great resistance on Bitcoin price chart. 200-day moving average is waiting Bitcoin price to resist. Bitcoin price is in great ascending channel. It is going up slowly in this channel. After breaking up the middle line of this channel, Bitcoin price touched the top line of this channel. There is also one of major moving average at the same level. It is hard to break up this level.
Here you can see daily chart of Bitcoin price. There was mini uptrend line on Bitcoin price chart. Even Bitcoin price down the first mini uptrend line, It continued to go up. After breaking down this channel, Bitcoin price reversed up and the second mini uptrend line appeared.
Here you can see the indicators on daily chart of Bitcoin price. There was great downtrend line on RSI Indicator. It is broken up. There is also mini uptrend line on RSI Indicator. We will see breaking down this mini uptrend line until the end of May.
After breaking up great downtrend line on RSI Indicator, Bitcoin price will draw the new pattern. There is no pattern on Bitcoin price chart. There is mini uptrend pattern on Bitcoin price chart. There is mini uptrend line on RSI Indicator. This is why Bitcoin price is in mini bullish trend.
There are same mini bullish trend lines on Fisher Indicator and MACD Indicator. They will break down these mini uptrend lines until the end of May.
200-moving average will resist Bitcoin price chart. We will see the new bearish trend.
We will see..
Posted Using INLEO
Congratulations @chorock! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 290000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPThe 200-day MA has been surprisingly reliable this cycle. Every time BTC loses it, the doomer takes get loud, and every time it reclaims, suddenly it is a bull market again. The chart does not lie but the narratives around it sure shift fast.