Moving below its key moving averages on the daily pair, Bitcoin is struggling to stay above $50,000.
Today, the eyes were turned to the weekly close in Bitcoin, which again fell below $ 49,000.
We mentioned earlier that we are between the Weekly Ma20 ($52312) and the weekly MA50 ($47367). We observe that the horizontal movements in this range continue.
In order for the bull to continue in Bitcoin and Altcoins, we must see that we are persistent above the weekly ma20 in BTC.
As long as we continue to stay below this level, the boring atmosphere in the market can continue.
In previous cycles and pullbacks while the bull market continued in the 2021 rally, we observe that the weekly ma50 is an important support zone and a good buying opportunity.
For those who believe that the real top is yet to be seen in Bitcoin, we may be in a good buy zone.
Looking at the Fib levels of the upward move from $28,800, we observe that we are at the fib 0.5 level. Closes below $48900 could take us to $44,000. As long as we stay above $48900, our first resistance levels will be $52300 and $53650.
We see that the withdrawal in Bitcoin has been going on for about 4 weeks. Although there are fluctuations during the week, we will not be surprised to see the next weekly close in the green.
*Not Investment Advice.