Weekly Bitcoin Price Chart is Trying to Save the Channel

Bitcoin price is in an ascending channel for 7 weeks. Even it seems as broken down this ascending channel, Bitcoin price is trying to save this channel in weeks chart. Even it got successive two weekly green candles after 6 weeks, Bitcoin price got two weekly red candles.

Here you can see weekly chart of Bitcoin price. Bitcoin price closed the week at important level. It closed the week at lowest level above the bottom line of this ascending channel. If it breaks down, we may see huge price dump on Bitcoin price chart. Bitcoin price started with weekly green candle in this week. It should complete this week with green candle to save this channel. If not we will see more weekly red candles on this chart.

Here you can see the indicators on weekly chart of Bitcoin price. There is great downtrend line on RSI Indicator. Bicoin price will be resisted by this great downtrend line during this year.

MACD Indicator is trying to reverse up. Fisher Indicator is at bottom level and trying to reverse up. If we see weekly green candle on Bitcoin price chart, we will see reversing up on these indicator.

So, if we see weekly red candle on Bitcoin price chart in this week, Bitcoin price will enter the new bearish wave. The price target of this possible bearish wave is to reach 40K.. We should be careful for this possible scenario.

We will see..