Most expect the price To fall down to the WMA200 which will also be close the ascending channel from the 3200 bottom. However, based on last bottom cycle, it will break down the WMA200 and potentially hit 3000 which should complete the expected bottom cycle. A strong wick up will close the weekly candle above the WMA200
louloubob
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Looking at weekly on bitstamp. In 2012 it topped out at 50WMA, bottomed on the long term (single bull run cycle) uptrend line, then the 20WA crossed the 50WMA and at the neraly the same time the signal line on the MACD did a bullish cross (shortly after a bearish crosss, then up over the 0 line. If that trend repeats, it should retrace to the July 2017 upward trend line at around 3600/3800.
louloubob
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Gold broke through the 50wma in nov 2012. It tested it the following week and then went on a brief bull run testing previous swing high and then continued bear market.
louloubob
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On the weekly, it may look to find the 200WMA as support then look for a MACD cross near the 0 line.