Time by time I read in comments that Bitcoin does not reach the bottom yet and it will continue falling after this correction. Hmm... for me such a position looks rather interesting because my thoughts are different. I would be glad to get more arguments from you why Bitcoin will continue the falling and where is the real bottom? Let's make this post for discussion!
I explain my position better why I think 3000.00 support level is a very solid zone and it can be considered as the real bottom. The 1st time the price reached 3000.00 level in June of 2017 and bounced. It was the 1st time when the market marked this level as a resistance one. The 2nd attempt was successful, and the price broke this resistance. When the market made a new all-time high, the price bounced from 5000.00 level and the market dropped to 3000.00 level again. This time the resistance acted like a support level. The level could stop the market and it became a starting point for the best upward trend. I want to say, from that moment 3000.00 level became very important from the technical and psychological points of the view.
In December of 2018, the market dropped to 3000.00 level one more time and could not break it. The price bounced and made a short term upward movement to 4200.00 level, forming a new local resistance. There was another attempt to break 3000.00 but the price did not reach this level and reverse higher.
The market tried to break this support level 3 times and all attempts were not successful. It tells us that the level is strong and it's good for being the bottom.
Another thing we have to take into consideration, that this is not only the support level. We have the support zone which is stronger than just a level. SMA200 is a solid support LINE, and it also can hold the market.
We have a combination of 2 powerful TA tools which make the zone at 3000.00 level the best variant for the market bottom. Also, we have confirmation from indicators that bears become weaker, and they have no power for pushing the market lower.
RSI moves upward from the oversold zone. MACD lines and histogram support the upward movement. DMI is bearish but ADX line falls, and it tells us that we should not wait for a strong downward movement.
The zone at 3000.00 is the perfect bottom for bouncing and starting a sideways or an uptrend movement. Also, there is no news supporting the falling now.
Why do you think that the market will continue falling? Will it be able to reach another psychologically important level at 1000.00? Share your ideas with charts in comments!
P.S.
Like what you read? Support me with your LIKEs! And if you want more, there's more on the Twitter on my profile page!
I explain my position better why I think 3000.00 support level is a very solid zone and it can be considered as the real bottom. The 1st time the price reached 3000.00 level in June of 2017 and bounced. It was the 1st time when the market marked this level as a resistance one. The 2nd attempt was successful, and the price broke this resistance. When the market made a new all-time high, the price bounced from 5000.00 level and the market dropped to 3000.00 level again. This time the resistance acted like a support level. The level could stop the market and it became a starting point for the best upward trend. I want to say, from that moment 3000.00 level became very important from the technical and psychological points of the view.
In December of 2018, the market dropped to 3000.00 level one more time and could not break it. The price bounced and made a short term upward movement to 4200.00 level, forming a new local resistance. There was another attempt to break 3000.00 but the price did not reach this level and reverse higher.
The market tried to break this support level 3 times and all attempts were not successful. It tells us that the level is strong and it's good for being the bottom.
Another thing we have to take into consideration, that this is not only the support level. We have the support zone which is stronger than just a level. SMA200 is a solid support LINE, and it also can hold the market.
We have a combination of 2 powerful TA tools which make the zone at 3000.00 level the best variant for the market bottom. Also, we have confirmation from indicators that bears become weaker, and they have no power for pushing the market lower.
RSI moves upward from the oversold zone. MACD lines and histogram support the upward movement. DMI is bearish but ADX line falls, and it tells us that we should not wait for a strong downward movement.
The zone at 3000.00 is the perfect bottom for bouncing and starting a sideways or an uptrend movement. Also, there is no news supporting the falling now.
Why do you think that the market will continue falling? Will it be able to reach another psychologically important level at 1000.00? Share your ideas with charts in comments!
P.S.
Like what you read? Support me with your LIKEs! And if you want more, there's more on the Twitter on my profile page!
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