Bitcoin Weekly Chart

The weekly chart of Bitcoin still looks bearish and it confirms further downward movement. The previous week was closed by a bullish candle and the market could develop a new upward movement. But after breaking below 10000.00 and SMA20 we get a signal confirming further downward movement. It will be very good for bulls if 8000.00 level can support the market. The price will have to come back above 10000.00 level at least in order we could think about a price reversal. MACD histogram still gives bearish signal and we'll need several weeks for it reversal and supporting possible upward movement. RSI drops to the oversold zone and we also have to wait for 1-2 weeks at least for confirmation the price reversal. If the market keeps falling, the next strong support zone will be at 5000.00 level. This zone is formed by the uptrend line, SMA50 and 5000.00 support level. This zone will be good for buying Bitcoin based on any signals from lower time frames.