🚨THE NEXT WEEKLY CLOSE COULD BE CRUCIAL FOR BITCOIN.
BITCOIN is testing the Weekly MA200 for the first time in five months.
And we're already seeing a reaction at this level. Buyers appear to be stepping in, showing that demand is still present around this key support zone.
Bullish scenario:
The weekly candle needs to close above the MA200 band to maintain the broader bullish market structure. A successful bounce could open the door for a relief rally and a potential recovery toward higher resistance levels.
Bearish scenario:
A weekly close below the MA200 band could signal a loss of this major support level, weaken the bullish structure, and push Bitcoin to further downside.
#bitcoin
BITCOIN is testing the Weekly MA200 for the first time in five months.
And we're already seeing a reaction at this level. Buyers appear to be stepping in, showing that demand is still present around this key support zone.
Bullish scenario:
The weekly candle needs to close above the MA200 band to maintain the broader bullish market structure. A successful bounce could open the door for a relief rally and a potential recovery toward higher resistance levels.
Bearish scenario:
A weekly close below the MA200 band could signal a loss of this major support level, weaken the bullish structure, and push Bitcoin to further downside.
#bitcoin
