CryptoMarket360
Short

BTC paints a bullish correction in an overall bearish market!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
After the market tried to rally but stalled into previous 61.8% resistance ($7,402), the market was starting to give a signal that this was a bullish correction in an overall bearish market.

At the previous high ($7,402) the ADX indicator crossed to show the bears taking control of the near-term trend. The market stalled on a lack of buying interest at this level. At the same time, the Relative Strength Index ( RSI ) was trying to break out of a red bearish zone I follow. With the hold at the top of the red bearish zone level on the indicator, this solidified the latest rally attempt as a bullish correction in an overall bearish market.

There was no crossover of the directional index lines plotted along with the ADX . The market stalled into selling interest at an early Fibonacci resistance level . The RSI has maintained a level inside the red bearish zone. These three indications working together paints a picture for a move back to previous support level lows.

Critical Resistance: $6,911.06
Key Resistance: $6,607.44

Key Support: $6,419.61
Critical Support: $6,116.00

Any questions let me know. I would also love to hear your thoughts.
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