Bitcoin - The Correction Time but It Means Nothing

The resistance zone at 8000.00 level holds the price. At the same time, the market forms a double top chart pattern which belongs to the reversal group of patterns. If it is confirmed, when the price breaks the local swing low between these tops, we will get the confirmed trend reversal signal.

Of course, it does not mean that the bullish trend, which we have now, will be reversed and the market will start falling. The current uptrend is strong and it's also supported by the higher timeframes. But the correction movement will be possible and logical.

RSI starts falling from the overbought zone and it's a bearish signal. MACD histogram falls and it's a bearish signal too. MACD lines will support the further downward movement if we get several bearish candles.
DMI is bullish, and it confirms the trend market conditions. But ADX line starts falling - it tells us that buyers are not so strong and it confirms the possible correction movement.

Based on the signals from indicators and the signals from the chart, now it's the perfect time for the correction movement to the support zones at 7000.00 level at least or, the better variant, to 6000.00 level. The market will be able to have a break and the uptrend structure will be developed as it should be.

But again, we talked about the same logical correction when the price reached 6000.00 level, and after that, the market jumped upward supporting by fundamental news. This time we can have the same unlogical upward movement which will change our trading plans for this market one more time. But it will be absolutely normal as the markets move following their own plans.

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