BTCUSD: 1D MA200 being tested but weekly close is the key.

Bitcoin remains neutral on its 1W technical outlook (RSI = 50.853, MACD = -4444.600, ADX = 33.008) as despite the recent fall, the market remains on a Bear Cycle, in fact testing right now a key technical Resistance, the 1D MA200. With the 1D RSI flat over the past 30 days, this rally technically loses strength. Even a break above the 1D MA200 doesn't automatically mean invalidation of the Bear Cycle. BTC needs to close a 1W candle over it in order to restore a long term bullish trend. Until then, expect a new -36.50% bearish wave (TP = 53,000).

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