The market could not move below very strong 3000.00 support level. We got a bullish divergence which gave a trend reversal signal. The price bounced from the support and RSI confirmed it in the oversold zone. MACD lines and histogram support buyers and possible upward movement. DMI is bearish and shows the downtrend, but ADX line falls and it tells that bears are not so strong now. All these signals tell us that the market is not going to move downward now and, at least, we will have a correction movement up to one of the possible reversal zones. These zones are based on MAs with periods like 50 and 100, 5000.00 and 6000.00 resistance levels. The most important resistance zone is 6000.00 which played as a support for a long time in this year.
But will the market be able to start a new uptrend? I think now it's rather difficult to predict. As Bitcoin market, like the whole crypto market, has very small capitalization, any solid buy volume can push the market upward. Any manipulation can be a reason for any price movements but if we talk about solid uptrend in long run, for this we need solid fundamental support. I believe that now, such fundamental support can be provided ONLY by institutional traders and companies. Such fundamental support can be provided by the news, telling about new infrastructure allowing institutional traders and companies take part in Bitcoin trading. I don't believe in the power of retail traders, small investors and crypto enthusiasts. If they could create hype in 2017 year, in this year they are not so strong and their abilities are limited.
That's why I would like to watch for the price action at important resistance zones and wait for positive news for the crypto.
The market still keeps the potential for moving below 3000.00 support or starting a new sideway movement between 3000.00 and 6000.00 levels. How it will be, we will see. But now it's not a time for rushing.
If you have another point of view, please share in comments. The same goes about your ideas, questions and suggestions!
I will be grateful for your LIKES if you think this information is helpful for you.
But will the market be able to start a new uptrend? I think now it's rather difficult to predict. As Bitcoin market, like the whole crypto market, has very small capitalization, any solid buy volume can push the market upward. Any manipulation can be a reason for any price movements but if we talk about solid uptrend in long run, for this we need solid fundamental support. I believe that now, such fundamental support can be provided ONLY by institutional traders and companies. Such fundamental support can be provided by the news, telling about new infrastructure allowing institutional traders and companies take part in Bitcoin trading. I don't believe in the power of retail traders, small investors and crypto enthusiasts. If they could create hype in 2017 year, in this year they are not so strong and their abilities are limited.
That's why I would like to watch for the price action at important resistance zones and wait for positive news for the crypto.
The market still keeps the potential for moving below 3000.00 support or starting a new sideway movement between 3000.00 and 6000.00 levels. How it will be, we will see. But now it's not a time for rushing.
If you have another point of view, please share in comments. The same goes about your ideas, questions and suggestions!
I will be grateful for your LIKES if you think this information is helpful for you.
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