Bitcoin's Momentum | The Weekly Chart
Each candlestick represents One Week. The yellow line seen on the chart is the [9-week] Simple Moving Average(SMA), which has made for good support and resistance points in the past.
In the middle of the screen is the Relative Strength Index (RSI) which measures the speed and change of price movements to find reversals in the trend.
Since the Bitcoin bubble popped last summer after hitting its peak above $20,000, it's been a steady decline down in price.
The Momentum Indicator at the bottom of the screen suggests an end to the bearish, downward trend might be around the corner.
If Bitcoin can maintain is price action around $3800, selling pressures will cease, and Momentum will start to build signaling a long-term buy for the bulls.
With all that said, I believe there's a good chance Bitcoin could fall below $2000, continuing its bearish trend. Be prudent when investing in Bitcoin and other cryptocurrencies.
This is not financial advice. This is my subjective analysis, as I am self-taught.
I am Long, Bitcoin.
Happy Hodling, friends.
In the middle of the screen is the Relative Strength Index (RSI) which measures the speed and change of price movements to find reversals in the trend.
Since the Bitcoin bubble popped last summer after hitting its peak above $20,000, it's been a steady decline down in price.
The Momentum Indicator at the bottom of the screen suggests an end to the bearish, downward trend might be around the corner.
If Bitcoin can maintain is price action around $3800, selling pressures will cease, and Momentum will start to build signaling a long-term buy for the bulls.
With all that said, I believe there's a good chance Bitcoin could fall below $2000, continuing its bearish trend. Be prudent when investing in Bitcoin and other cryptocurrencies.
This is not financial advice. This is my subjective analysis, as I am self-taught.
I am Long, Bitcoin.
Happy Hodling, friends.
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