1wk 200MA Strong Support vs Strong Resistance of 1wk 20ma
On the weekly chart we can see the weekly 200 simple moving average(in blue) has provided amazingly strong and as of now unbroken support. On the flip side of the spectrum, we can also see extremely strong resistance from the 20 week simple moving average(in orange) we have had 2-3 months here of very little volatility but we can see that both of those strong moving averages will be converging soon most likely resulting in an extremely volatile breakout either upward above the 20 weekly or a big breakdown below the weekly 200ma. Considering the price has already broken above the 20 weekly moving average a couple times, that is favorable for the 200ma being the one that holds support and breaks above...however we can also see on the weekly stoch rsi that we are very close to a bearish cross on the weekly stochrsi which adds to the probability of the 20 maintaining support and the price action instead breaking down below the weekly 200ma....either way the decision is gonna have to be amd one way or another very very soon here and currently both the bulls and the bears have a very good chance at prevailing here...keep a close eye on boh of these weekly moving averages the enxt few weeks here because they are currently the main event heavy weight matchup in crypto.
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