Bitcoin - The Correction Time but It Means Nothing

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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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The Master Saw it Coming 3 days ago.. Must watch - there are money to be made on another COIN RIGHT NOW!

4th symmetrical triangle in 10 days. Ll of them have broken upwards. However bearish outlook:

tks bro
and this is my, pls share your comment
Hi, hope you're well. Great analysis as usual. As you say, the markets move following their own plans! Not always logical. I'm keeping a close watch on the current resistance level, but not buying yet as of course it could go either way.

BTC- volume is down, the price remains strong it means another squeeze is expected
Short sales are very close.
Have the same view before reading this, it's a correction soon and another big bull run
Based on the last Weekly candle close and based on the current price action around the $8,000 we have a chance to discover a confirmation area for the next movement/leg upwards:

The confirmation area stays slightly above $8,200. If we get at least 4H candle close above the mentioned level then we have multiple breakouts from strong price levels and chart patterns!
All the best!
+1 Reply
BTC aiming for $8,400 but with bearish intraday trend

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