Bitcoin price chart got huge red weekly candle in last week. Most of indicators on Bitcoin price chart reversed down. It may be the beginning of price correction on Bitcoin price chart.
Here you can see weekly chart of Bitcoin. Bitcoin got red huge candle. After getting red huge candle, Bitcoin price is still above 8-week moving average.
8-week moving average is great signal to see midterm trend. Even Bitcoin price went down 10% from the top, it is still in bullish trend.
Even Bitcoin price broke down asvending channel, Bitcoin price is in bullish trend. After getting huge red candle, Fisher Indicator reversed from the top. You can see what happened after reversing down on Fisher ındicator on weekly chart. It is so hard to see all time high in a few weeks. Bitcoin need to complete the correction on Fisher Indicator.
Here you can see MACD and RSI Indicators on Bitcoin price chart. MACD Indicator is going to reversed down. There is negative divergence on weekly chart of RSI Indicator. We may see huge price correction
These are major reasons that will trig for price correciton on Bitcoin price chart.
Even Bitcoin price is in midterm bullish trend, It is so possible to see huge price correction.
We will see..
Posted Using InLeo Alpha
