Bitcoin Technical Analysis & Trading Signals

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.

TRADE SIGNAL- BITCOIN ,SELL: 40,390.20, TARGET:-38,390.20, STOP LOSS:- 41,390.20.