The price moved in consolidation and broke the bottom line of the pattern. It confirmed the downward direction. It is another bearish signal from the market.
Now the price is trying to pass through 8000.00 support level. If this attempt is successful, we should be ready to see the falling to 7500.00 and 7000.00 levels. The main target for sellers is the same - it is 6000.00 support zone which acted as the solid bottom in the past.
MACD lines and histogram support the downward movement. The same goes about DMI, which confirms the strength of sellers too. RSI is in the oversold zone and probably we will see a short term pullback. But it looks like we should not expect the trend reversal. The market wants to be bearish. Sellers are more active and they are stronger than buyers. As for buyers, where are they?
For better understanding the whole picture, please read my previous post about Bitcoin based on the daily timeframe. You can find it in the related ideas.
Now the price is trying to pass through 8000.00 support level. If this attempt is successful, we should be ready to see the falling to 7500.00 and 7000.00 levels. The main target for sellers is the same - it is 6000.00 support zone which acted as the solid bottom in the past.
MACD lines and histogram support the downward movement. The same goes about DMI, which confirms the strength of sellers too. RSI is in the oversold zone and probably we will see a short term pullback. But it looks like we should not expect the trend reversal. The market wants to be bearish. Sellers are more active and they are stronger than buyers. As for buyers, where are they?
For better understanding the whole picture, please read my previous post about Bitcoin based on the daily timeframe. You can find it in the related ideas.
💰COPY MY TRADES FOR FREE! Join 👉 bit.ly/41DKDBD
📣 Get Welcome Bonuses for 1st Trade 👉 bit.ly/bonus_bybit
💎 Share My BEST Trades here 👉 bit.ly/wubits
📣 Get Welcome Bonuses for 1st Trade 👉 bit.ly/bonus_bybit
💎 Share My BEST Trades here 👉 bit.ly/wubits
