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.