Bitcoin Technical Analysis & Trading Suggestions

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 49,766.91 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: 51,990.20, TARGET:-49,990.20, STOP LOSS:- 52,990.20.