Bitcoin: The Price Reversal from Support and New Targets

The market bounced from the support zone between SMA200 and SMA100. We got a possible buy opportunity based on the reversal signal and a new swing low. It will be used as a signal level for a case if the price continues the local downtrend. The breakout below SMA100 and 8400.00 support will confirm the downward movement to 8000.00, 7500.00, and the main support at 6500.00 level.

But for now, the market has more opportunities to move higher. If the price breaks the local resistance zone between 9000.00 and 9100.00 levels, the next target for buyers will be the local downtrend line. It will be able to stop and reverse the upward movement. But the breakout above this trend line will confirm the strength of buyers and the upward movement to 10000.00 and 10500.00 resistance levels.

RSI confirmed the price reversal. MACD histogram supports the upward movement. DMI is bearish, but ADX line falls. It tells us that sellers are not so active, and the market won't be able to break the support zone formed by SMA100 and 8400.00 support level.



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.