Bitcoin Price Can Not Go Up Even It is Supported

Bitcoin price is on great support level. 200-day moving average supported Bitcoin price but it can not go up. Bitcoin price is above 8-day moving average which is great signal for short term. These are bullish signals on Bitcoin price chart but price seems stable.

Here you can see daily chart of Bitcoin price. These was great bearish flag pattern. Even Bitcoin price tried to break up the top line of triangle, it reversed down and entered into again this triangle. Even Bitcoin price is at good level above major moving average, there is no bullish attack on Bitcoin price chart. So, it may be a bullish trap and Bitcoin price may try to break down this possible bearish flag pattern.

There are uptrend lines on major indicators. We will see breaking down on these indicators and we will see huge price drops on Bitcoin price chart. It will happen until February. We will see this uptrend lines broken down until January.

We may see another mini uptrend on Bitcoin price chart in next week, if not we will see big breaking down these uptrend lines.

Here you can see weekly chart of Bitcoin price. Bitcoin price is above 8-week moving average. Even it is good for midterm trend, we can not see bullish attacks on Bitcoin price chart. You can see what happened before. We may see same scenario.

If we see mini uptrend on Bitcoin price chart, Bitcoin price may touch the middle line of Bollinger Bands as before.

So, we should be ready for downtrend on Bitcoin price chart. I am sure that we will see it until February.

We will see..

Posted Using INLEO