The importance of SMA 7 and 25: The previous rally of 2017 ended when on the weekly chart, the simple moving average 7 crossed down the SMA 25. This time sofar the price action is retesting, again and again, the SMA 7 and did not break down it sofar.
Critical resistance and Cup & Handle Formation: On the long-term weekly chart, the price action is in a critical resistance zone which starts from $1200 and ends at $1600. Here the price action has found the resistance of Cup and Handle pattern at $1200. And retraced almost up to 0.382 Fibonacci level to complete the handle of Cup.
Attempting breakout resistance in the Bitcoin market: On the Ethereum with Bitcoin pair’s weekly chart, the price action of Ethereum has formed a strong uptrend line support. And now trying to break out the 25 simple moving average resistance.
Conclusion: If the price action will break out the 25 simple moving average resistance in the Bitcoin market. Then it can turn more bullish against Bitcoin and a very strong bull run can be seen in the US Dollar market as well.