Bitcoin - Something New and Maybe Important

As I can see, you are not interested in other markets and educational content. You like only posts about Bitcoin market. So, it means I have to follow your wishes and provide posts about this market every day, probably several times per day.

Here is another post for BTCUSD based on the daily timeframe.

What's new here? After a sideways movement, the price made a step-down and reached the combination of SMA50 and SMA100. These MAs form a new local support zone where the falling market can be stopped and reversed. It's possible to get such reversal from the zone at 3600.00 level, but the best reversal signal should come from the uptrend line. If the price reverses from this support line, the signal will be perfect for buying with targets at 4000.00-4200.00 and 6000.00 resistance and stop below the local swing low or 3000.00 support.

Breaking below the uptrend line will open the road to the main support at 3000.00 level and it will break the bullish structure. It won't be good for all crypto enthusiasts who expect for a new bullish period.

The indicators give us the following signals:
- RSI falls and supports bears. The line is far from the oversold zone. It also means that we have the opportunity to drop lower
- MACD lines and histogram support the downward movement
- DMI is bullish, and ADX falls confirming the correction movement in the trend market conditions.

So as I wrote before, the market tries to develop a new uptrend, and now it's the correction period in the trend market.



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