Different timeframes give different market conditions, different directions of possible market movements and as a result different signals. This time, let's look at the weekly timeframe and try to understand the further market movements in the long run.
The important signal which we have now - the price broke the downtrend lines and it confirmed the downtrend reversal. The price moved upward and reached 5000.00 level. We have a strong bullish candle confirming the strength of buyers. RSI confirmed the price reversal from SMA200 and now it gives the bullish signal. MACD lines and histogram support further upward movement. DMI becomes bullish, and ADX line starts an upward movement. It confirms that buyers become stronger.
The market is ready to move upward, and the signals above just confirm this statement. What about the levels which the market can reach?
The 1st resistance zone is formed by 6000.00 level which was the strong support level in the past, and SMA100. Probably the price will be able to reach 6000.00 within several weeks, and after that, we should be ready to see a pullback from this resistance zone. The downward correction movement can be up to the downtrend line, SMA200 and it's at 4000.00 level. This zone will be good for a reversal and continuation of the uptrend. When the market can break 6000.00 resistance level, the next targets will be 8000.00 and 10 000.00 levels. If you are looking for the long term targets, the buying from the current levels or after a retracement with fixing profit at 8000.00 and 10 000.00 levels will be a good idea.
The market becomes bullish, and we have signals confirming it. Now we don't have any reasons to think about the falling to the bottom at 3000.00 level or even lower. It's time for the bullish market!
But what do you think about Bitcoin in the long run? Please share your thoughts in comments below this post! I will be grateful if you support my work here by your LIKEs!
Impossible to confirm til we see a retracement. You can't say 100% this is a bullish market. A lot of "bullish" movements are fake. Not to say it was a Chinese whale interested in pushing the market upwards.
People aren't interested in this price yet.
DLavrov
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@Andbcoin, any new trend should start from not so solid signals. The solid signals and huge hype mainly come when a trend is going to reverse. I'm talking about signals which shows the uptrend which can be developed in the stable bullish trend. On different charts there are different signals in different directions, but they belong to the main bullish structure.
Andbcoin
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@DLavrov, Well, I'm a trend rider, so I don't if it will go down or up. I just check the signals at the moment. What I know is that you still don't know if this is a bullish market or will keep going down. A lot of people were saying 6k was the bottom. I said it was around 2800 dollars and I nearly nail it, as you can see in my post below.
I will keep looking at present signals and won't try to look into the future just in case I get burnt.
Have a good day and thanks for your comment =)
EinsteinLabs
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The latest dollar amount of BTC is $5057.25. At this moment the Bitcoin price prediction algorithm is estimating that within 24 hours BTC price will be -4.6% targeting $4,824.62, in 7 days +3.4% approaching $5,229.2, in one month -15.2% on the move to $4,288.55 and in 3 months -67.1% targeting $1,663.84. The Long-term forecast is showing that Bitcoin will be dropping in cost.
DLavrov
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@MosaicExchange, Crystal Ball tells you this exact numbers?
EinsteinLabs
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@DLavrov, 3 month impossible to predict but short term yes:) Math! Secondly it dropped $200 since we posted.
tommix
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How easy it come up - the same easy it can go down. BTC shoot up because of Chinese yuan devaluation, people in china putting their fiat to gold, bitcoin..whatever to get rid of fiat. As we see volume gets lower and lower..so this means it's easy to bring price down if buying ends. Also world economy going down, confirmation of a recessions is everywhere, i doubt that people with no job gonna hold their crypto instead of paying their debts.
kardia
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@tommix, They will hold their money in crypto if proven to be more secure than keeping it in a bank, and then withdraw when needed. If the decline in value of your dollar moves faster than it does in Bitcoin, where are you going to store your money? People living in Venezuela have already figured this out, and are keeping their money stored in Bitcoin. It's a good strategy in my opinion.
etfsandstuff
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Really like your stuff, thanks. From my perspective BTC sits right below solid resistance at .618 of prior big down move. Also we are barely out of the longterm downtrend channel so even though this move is very bullish, i think its not time to crack the champagne yet. I just exited my position in ETH and BTC back to neutral . I would look to re-enter back above 5300 and ETH above 182.
People aren't interested in this price yet.