Bitcoin Price is Trying to Stay Above 200-Week Moving Average

This is 3rd week Bitcoin price is above 200-week moving average. There was mini downtrend line on Bitcoin price chart and It is broken up. Even Bitcoin price broke down 200-week moving average, It reversed up and stayed above this great resistance. It was only a bearish trap.

Here you can see weekly chart of Bitcoin price. Bitcoin price is in 3rd weekly green candle. After two successive two weekly red candles, Bitcoin price is in 3rd weekly green candle. We have seen 6 successive weekly green candles in this year. Bitcoin price may try to update this serie.

Here you can see the indicators on weekly chart of Bitcoin price. Fisher Indicator is on the bottom. It is trying to reverse up. It is close to the bottom and ready to reverse up.
MACD Indicator is on the bottom and trying to reverse up.

There is great resistance on RSI Indicator. It is coming from the beginning of 2024. Bitcoin price should break up this great resistance to enter bullish season. Even it is under this resistance, It may be good time to pick up slowly. Because a few major indicators are on the bottom and ready to reverse up.

The worst scenario is to break down 58K USD. If it happens, we will see Bitcoin price touching 4xK USD. We should think this scenario. Market maker always makes fake moves. Bitcoin price may make another bullish trap.

We will see..