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.
Thanks a lot for your attention! Share your ideas and thoughts below this post and please, support my work by your LIKEs. I will be very grateful!
Yes, indeed. Based on my idea of 4-Jan-2019, I too think that it might be big correction time. and it could mean A LOT!
So far everything fits
Grandmaster_Nitemare
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I hope you are right this time, because it maybe will be the last good time to buy BTC cheap this year and I have a little money left from selling some shitcoins @ the top...
Actually it look more like the price wants to test the top again.
Boring times are definitely OV3R! :-)
DLavrov
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@Grandmaster_Nitemare, if you are looking for the long investing period, the current prices can be used for buying. For example if you believe that in 3-5 years the price will be at 50 000 level, it's not so important you buy from 8000 or 6000 level. Right?
Grandmaster_Nitemare
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@DLavrov, I have invested 95% of my planed capital in crypto the last months. So it does not mater if I get the last 5%. Gold is also cheap when I dont get my crypto for the cheap price I am looking for.
proficy
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@DLavrov, +if you have 8000 to invest and you buy 1BTC it is it worth 50k at 50K price, if you have 8000$ to invest and you buy at 6k that's 66.666$ at 50K BTC price. 16k is kinda big
Grandmaster_Nitemare
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@proficy, And if you invest nothing because you are waiting for that cheaper price that will maybe not come, your profit will be 0k$! :-)
We'll drop to $7,400 then blast off to 10,000 in the next 7 days
DLavrov
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@gregb1, why not to 1 000 000?
it can be more funny)
gregb1
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@DLavrov, At end of the day, it's near impossible to tell for sure where the market will move. I'm just going with my gut feeling here. At the moment I'm all in tether and just waiting for confirmations
So far everything fits