Bitcoin Market Overview

The market formed a new swing low which can be used for drawing the uptrend line. We got a price reversal from 7800.00 support level and this zone can be good as a starting point for a new upward wave. RSI confirmed the price reversal. MACD histogram supports the upward movement. DMI confirms range market conditions. Probably we'll see a sideway movement within several days and after that the price will start a new movement. Will the market rise or fall? The weekly time frame is still bullish. For the daily chart it will be good if the price continues the upward movement and break 10000.00 level. In such way we'll have higher highs and higher lows which will confirm the uptrend based on the daily time frame.

If the price breaks the support zone formed by the uptrend line and 7800.00 support level, it will be a good bearish signal. We should be ready to see the falling to 6500.00 level again.

Comment:

The price broke the local uptrend line. It was a signal confirming the further falling. Without strong support from the buyers, the market can reach the previous market low at 6500.00 level. Will it reach this level? We'll see. The support line from the daily and SMA50 from the weekly time frames can stop and reverse the market.