Bitcoin Weekly Price Move

25 mar 2020

Bitcoin price has been historically supported by 200 Weekly moving average. Even after the recent price dump due to Corona virus is being recovered from that support line. However, Bitcoin log growth curve has been broken for the first time, therefore it's still not time for a bullish call. Last year during the bear market, we have seen that 21 Weekly EMA crossed the 55 Weekly EMA and then Bitcoin went down to 4K/3K level. We are close to another cross between 21 and 55 Weekly EMA. If 21 Weekly EMA goes below 55 Weekly EMA and continues, it's a sign that Bitcoin price will drop more which is a very likely scenario given the current economic recession in US and also globally. However, if 21 Weekly EMA bounces from 55 Weekly EMA, we may be looking towards a price jump given that we are less than 2 months (48 days) away from Bitcoin halving time (buybitcoinworldwide.com/bitcoin-clock/).