Bitcoin: The 1st Bullish Signal. Where Is the Bottom?

The market made a new low. Probably 6500.00 as a round number level also can be the local support for the market. If we get a reversal candlestick pattern, it will be the 1st bullish signal. For this, the close price of the day must be not far from the current levels.

If so, the market will be able to move upward, and the main target for buyers will be the resistance zone at the downtrend line.

But I think the market will keep the chances to move exactly to 6000.00 support. This zone is good for sellers as the main target. Also, this level looks more logical as a starting point for a possible uptrend.

If we look at the indicators, they provide bearish signals, and it confirms the downtrend. But at the same time, RSI reached the oversold zone, and we can start thinking about the oversold market conditions. When RSI line reverses in the oversold zone, we will get the 2nd bullish signal.

Some people think about falling to 5000, 3000 and even 1000 levels. For this moment, I don't see any reasons for the downward movement even to 5000 support. Because in order to break the strong bottom, the market will need solid reasons. Do we have them now? I don't think so. Will we have them in the fire? I have no ideas, we will see. Talks about the falling to 5000, 3000, and 1000 levels look useless now.

Comment:

We did not get the reversal candlestick pattern. Buyers could push the price upward but they could not close the day at the top of the price range. It means we have the bullish candle, but it is not the solid bullish signal. Yes, the price bounced from 6500 and it can be the signal that sellers don't have sources to push price lower. If the price can stay above 6500, we will be able to talk about a possible bottom at 6500. It is possible to think about buying in this zone if you want to trade in the long run. Just don't forget about the proper money management!