shayankm

Would we see 2500? (BTC Weekly Analysis)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hi everyone
Previously we found support on 200 SMA . You can clearly see the importance of 200 SMA on weekly timeframe . The reaction of price after the touch was not bullish and we got stopped on "~4000 emotional range (Small pink area)" + "200 EMA" combo. So After the dump on lower timeframes this week, It seems we are going to test 200 SMA again.

If current week candle close here or lower it would be so bearish and we would retest 200 SMA . Based on this scenario, Breaking the MA would be so likely and then we have the following targets:
- 3000 (~2980)
- 2500

Share me your ideas,
Good luck
Comment: Still range movements..

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