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.
It’s a tough call, but, with the ADX and low volume, it seems like we aren’t out of the bear market yet.
UnknownUnicorn6061584
⋅
resourceful idea
that's my thoughts about btc
MinerChad
⋅
I think crypto in general will stay bearish with a few fake bull runs along the way even right on through the halving (pump and dump at halving possible) but ultimately we will see 3K to 4K again, maybe lower.... I'm tired of trying to watch for small moves up only to miss entries cause I'm a sleep or away etc. then become anxious & chase and have my stop losses hit everytime --- 'Bankrupt by a 1000 cuts' --- probably should just save cash and wait for the bottoms again!
StayPhr0sty
⋅
@Trader-HP, right in the feels
Confucius-The-Great
⋅
@Trader-HP, I feel totally the same. I think the logical bottom is between 2000 and 5000. Just like the top was 14k this time. Last time 20k. But we may not need to go lower than last time. I belive we could see 5000 as a bottom because bitcoin awareness & adoption is higher than ever. At least from the whales. It is not the retailers that make the price move anyways. More whales than ever in the market. Why we may bottom at 5000 imo. But 2000 is also in the cards imo. ( lower top than last cycle and lower bottom ). I also had enough of chasing the bottom. And enough to shit coins. So fucking manipulated that it is crazy. And unpredictable in nature on top of that. But the manipulation is only denied by the total n00b or idiot. It is so real. Binance dont even got a stop-loss-market-sell. They dont give a fuck if people get ruined. :)
Confucius-The-Great
⋅
@Confucius-The-Great, Your end comment maybe should have been "I will never try to buy the bottom from now on I only buy-in when the primary trend has changed on the weekly chart!"
MinerChad
⋅
@Confucius-The-Great, right on, yep, I see through all the current hype out there that BTC is about to moon blah blah.... most exchanges have no stop-loss or protection options for the retailer to protect their positions, rediculous! I've been using 3,,, for a few months for these options, it has some decent options included like trailing stop loss and trailing take-profit, etc. but they are a bit tricky to figure out where to place your stops and profits... lots of 'selling to early' and trailing buy is confusing to set up properly it ends up buying at higher prices than i want... anyway ... I hope we hit 2K late this year, I'll be saving up to buy amap when it's cheaper!
WorldEconomics
⋅
@Trader-HP, bear market rallies, that’s what they’re called. We had plenty bear market rallies in the stock market of 2008-10
MinerChad
⋅
@BankofEngland, yep! these rallies can confuse and cause false hopes, etc and lead us into traps both short and long... its tough to make any real profit, only catching small moves up or down when you have time... not so fun when stops are hit more often than profits taken.
Gokic
⋅
Fisrt target 8100, I agree. I was talking about this move yesterday.