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In Weekly charts, long term moving average plays a crucial role (an important support)
Bitcoin prices balanced around Long Term Moving Average and now It started to move upwards.
Here is my scenario.
When the price finds Its support around the long term moving average, and the price is under short term moving average. It's expected the price to move between these moving Averages.
Short Term Moving Average : 10000$
Long Term Moving Average 6700$
In the coming day we may expect the price move between 6700$ - 10000$ to make base after the big sell :)
If the price move above the Short Term moving Average then It will be a sign for the Power of the "Buyers" and then It may continue to Its upward movement may try to reach Its previous peak points.
If the price moves below the Long Term Moving Average then It will be a sign for the Power of the "Sellers" which means, If 6700 is broken then the price might look for new dips
I zoomed into the last candle (this week bar) It clearly shows the power of the "Buyers" . The price dropped around 6000 and moved back to 8000 level. If white candle will be formed by the end of the week. It will mean that all "Sellers" sale appetite is smaller than the Buyers "Buy" Appetite. Which Means Buyers will be back into dancing floor :)
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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