Let's see how BTC performs. This is the weekly chart.
If we look at bitcoin on this scale, we can see that the price has been moving up in an uptrend channel. The price is currently hitting the lower rail and now we "may" see an uptrend after confirmation.
Support: $32,000 Resistance zone: $69,000
Bollinger bands can also be used as support and resistance. Here is an example.
The market shows the amount of BTC sold.
Two resistance levels depress the value and one support level keeps the price high and shows strength. Higher bands can act as resistance.
The middle Bollinger band can push down the value, while the lower Bollinger band can push up the price.
The RSI shows that BTC is below the 50 level, i.e. the center.
If you want to understand how the RSI indicator works, check out this educational idea. It will help you get a better reading of.
Current market price: $39,140
Let me know what you think.