BITCOIN Price Technical Analysis: Weekly Chart
- In the weekly charts, Bitcoin is trading in a downward channel.
- Bitcoin is near its crucial support of 20-days SMA. If it breaks this support, it will possibly test the 50-days SMA level.
- Bitcoin will follow a downtrend in the coming weeks.
- Bitcoin ‘s crucial resistance level is at 51,994.48 which is near 20 days SMA as of now. There are no signs of a bullish trend.
- Bears have their tight grip on Bitcoin.