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.
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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 the Cup and Handle pattern at $1200. And retraced almost up to 0.382 Fibonacci level to complete the handle of Cup.
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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.
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