Bitcoin: Trend Reversal Signal and 9000.00 as the 1st Target

If something looks like a reversal, can it be the real reversal?

Let's look at the fact only, without emotions and without bullish or bearish nature.

There is a bearish divergence that gives us a trend reversal signal.
MACD lines and histogram support the further downward movement.
The price broke the local uptrend line and tried to move below 10000.00 support.

We have bearish signals from the 4H as well as the bearish signals from the daily chart. The market has everything for the pullback to 9000.00 and even 8000.00 support zone. For this, the price will need to drop below 10000.00 and stay below this key level for some time.

Now the price reached SMA100 and bounced from this trend line. The market will try to continue the upward movement. But the lower swing high tells us that buyers are not strong now. It is another bearish signal.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.

Comment:

The daily chart, the price is at the local uptrend line. If it holds the market, it will be possible to move upward above 10 000.00 level. If the price breaks the uptrend line, the further downward movement will be confirmed.

Comment:

The weekly chart is going to support the downward movement. We have a bearish candle at the resistance.