Bitcoin is Trying to Be Above 8-Week Moving Average

8-week moving average is important for Bitcoin price for long term. Bitcoin is trying to be above 8-week moving average... Even Bitcoin has red weekly candle last week, it is pumped and being traded above 8-week moving average this week.

It is still safe level for bullish trend.. Today we saw hug moves on Bitcoin price chart. This shows why 8-week moving average is important.

You can see weekly chart of Bitcoin below. MACD Indicator is trying to reverse. Bitcoin price is trying to be above 8-week moving average..

When we look at monthly chart of Bitcoin, you can see the importance of 8-month moving average. 8 is one f Fibonacci number this is why it is important..

This week will be the war of being above 8-month moving average...

If Bitcoin stays aboe 8-month moving average we will be in bullish zone.. If not, we may enter mni bearish trend...

After halving, It is sure that Bitcoin will be above 8-month moving average for months..

We will see...

Posted Using InLeo Alpha