Drop to 5.5k - BTC Weekly Chart
Updated
Looking at the weekly chart I've come to the conclusion that we're headed down. Lets take a look at each indicator.
Aroon
Aroon seems to be pretty accurate on the weekly and for those who don't understand how it works I've drawn arrows showing what it's done in the past and what effect it's had on the price. Currently the Aroon Down (which I'm going to refer to as Bears and is represented by the red line) is going up while the Green line (Bulls) has been going down. The Bears are gaining strength as shown by the indicator and is above the green line.
20 EMA Green Line
BTC is currently below the 20EMA on the weekly which is a strong bearish sign. On the monthly it's still above the 20EMA so I don't expect us to go down too far assuming we don't close below the 20EMA on the Monthly.
50SMA (Orange Line) 100SMA (Red Line)
BTC is currently below the 50SMA and above the 100SMA. I believe we're going to drop to the 100SMA and bounce off of it which is currently at around 5.5k
MACD
Currently in the green but just bearly hanging in there and will likely turn red soon.
RSI
Sitting just below 50 and might drop to below 40.
Aroon
Aroon seems to be pretty accurate on the weekly and for those who don't understand how it works I've drawn arrows showing what it's done in the past and what effect it's had on the price. Currently the Aroon Down (which I'm going to refer to as Bears and is represented by the red line) is going up while the Green line (Bulls) has been going down. The Bears are gaining strength as shown by the indicator and is above the green line.
20 EMA Green Line
BTC is currently below the 20EMA on the weekly which is a strong bearish sign. On the monthly it's still above the 20EMA so I don't expect us to go down too far assuming we don't close below the 20EMA on the Monthly.
50SMA (Orange Line) 100SMA (Red Line)
BTC is currently below the 50SMA and above the 100SMA. I believe we're going to drop to the 100SMA and bounce off of it which is currently at around 5.5k
MACD
Currently in the green but just bearly hanging in there and will likely turn red soon.
RSI
Sitting just below 50 and might drop to below 40.
Trade closed: target reached
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