Bitcoin: Bearish Signals from the 4H and Daily Charts

The daily chart is going to provide us a reversal candlestick pattern. We just need to wait for the close price of the strong bearish candle.

If we look at the 4H chart, we also can see a trend reversal signal. The price broke the local uptrend line, and it gives us a strong bearish signal. RSI confirmed the reversal from 9000.00 resistance zone. MACD lines and histogram support the further downward movement.
In spite of bullish DMI, we have the falling ADX line. It tells us that buyers don't have the power to push the price upward.

If the market continues developing the downward movement, the main targets for sellers will be at SMA100, 8000.00 support level, SMA200, and the daily uptrend line.

In order to get the bullish market in the short term, the price will have to move above 9000.00 and break the local swing high. It will give us a new bullish signal. But do you believe that within several days the market will be able to do this? Share your thoughts in comments, let's discuss!



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.