6700$ might be Dip of the Bitcoin - I don't say It...The Moving Averages Says So... Check it out - Bitcoin Technical Analysis

The first rule of the Technical Analysis is you don't talk about it :P

Actually the first rule of the technical analysis is if the price moves far away from the moving Averages, the price will inevitably go back to Its Moving Average.

I would like to share "Long Term" Bitcoin Technical Analysis. It's weekly chart (Each candle represents a week)

The red line 20 Weekly - Exponential Moving Average (Short Term) and the green line is 50 Weekly - Exponential Moving Average (Long Term)

In Bitcoin case the price moved far away from both Averages. The price reached 20000$ but the Moving Averages stayed around 10000$ (Short Term Moving Average) and 6700$ (Long Term Moving Average). And Later on inevitably the price got back to Its Moving Average which is also healthy for the long run. The Good news is we are very close to Long Term Moving Average.

If the upward trend will continue; the price should stay(close) above 6700$. Long Term Moving is an important Support.

Let's see how It evolve... Whether we will stay above 6700$ or not?

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