$BTC lost its 50-week average two weeks ago and hasn't won it back 📉
Using Binance BTC/USDT weekly candles, $BTC closed the week of Oct 26 at 78,354, just under its 50-week average of about 78,500 (my calculation; other trackers cite about 78,400). It was the first weekly close below that line since Sep 7, when BTC slipped under it for one week and reclaimed it the next, at 81,178.
Weekly closes since Sep 28: 86,530, 83,773, 82,116, 80,154, 78,354. Each one lower than the last.
A long-term average is a reference many traders watch. It doesn't guarantee support or resistance.
My view: bearish below roughly 78,500 on a weekly close. A weekly close back above it puts that in doubt. The next warning is the Nov 6 low, 74,888.
Do you trade off weekly closes or daily closes? 👇
#bitcoin #TechnicalAnalysis
Using Binance BTC/USDT weekly candles, $BTC closed the week of Oct 26 at 78,354, just under its 50-week average of about 78,500 (my calculation; other trackers cite about 78,400). It was the first weekly close below that line since Sep 7, when BTC slipped under it for one week and reclaimed it the next, at 81,178.
Weekly closes since Sep 28: 86,530, 83,773, 82,116, 80,154, 78,354. Each one lower than the last.
A long-term average is a reference many traders watch. It doesn't guarantee support or resistance.
My view: bearish below roughly 78,500 on a weekly close. A weekly close back above it puts that in doubt. The next warning is the Nov 6 low, 74,888.
Do you trade off weekly closes or daily closes? 👇
#bitcoin #TechnicalAnalysis