Bullish Pin Candle is on Bitcoin Price Chart

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This week one of the worst week for Bitcoin price. It went down more than 25%. Even Bitcoin price went down more than 25%, It went up from the bottom 15%. It tried to recover the loss. After touching closing 200 week moving average, Bitcoin price reversed up.

Here you can see weekly chart of Bitcoin price. After breaking down 100-week moving average, we have seen two great big weekly red candles. There is only one good thing on Bitcoin price chart that a bullish pin candle appeared. After Bitcoin price tried to recover the loss, a bullish pin candle appeared.

Bullish pin candles appear at the bottom of the chart and signal of reversing. Will Bitcoin price reverse from this level?

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This is only 2nd week that Bitcoin price broke down 100-week moving average. It should be hard to break up again.
You can see what happened before Bitcoin price broke down 100-week moving average. It broke down 200-week moving average also. You can see what happened in 2023 when Bitcoin price broke up 200-week moving average.

There is also great downtrend line on RSI Indicator. Bitcoin price is under pressure. Bitcoin price should break up this resistance to end bearish season. It will take a year.

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So, we may see small bullish moves on Bitcoin price chart. Even we see, market will try to see it as bullish trend. It may be a bullish trap. We should see another price drop on Bitcoin price chart.

We will see..

Posted Using INLEO

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At times like this all you can do is zoom out, feel better, and go distract elsewhere.

Alternatively belligerently keep stacking if you are a #legend :)

!ALIVE !HBIT !BBH !PIZZA

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