Bitcoin: Buyers, Where Are You?

So, the price broke the bottom line of the triangle, and this pattern became a trend reversal one. What does it mean and what should we expect from Bitcoin within these days and weeks? Let's try to find all possible signals which will help us to understand better the further market movements.

The price reached the support zone formed by SMA200 and 8000.00 support level. MACD lines and histogram tell us about the further falling. The same bearish signal comes from DMI indicator. The market looks bearish even the price still is above SMA200, which is used as the main trend line in some strategies and confirms the trend direction. Based on this SMA200 we still have the bullish trend as the price is above the line.

I don't expect too much that this support will be able to hold the market. We don't see active buying from the current levels, and it means there are not so many buyers here. If so, the short term pullback up to the resistance zone formed by the bottom line of the triangle, 10 000.00 resistance level and the main downtrend line - it is the upward movement which probably we will have in the nearest future. The market confirmed the direction, and we don't have solid reasons for the upward movement in the medium term.

Bakkt did not provide the support for the market. It did not push the price upward. I was bullish and thought about positive news from Bakkt platform and active trading there, but the reality showed that I was wrong.

As I wrote in the post about Ethereum, it looks like the winter season is coming in crypto. We must be ready to see the downtrend to the previous support levels, which will be able to stop the falling market and provide for us possible entry levels for buying.

If the price breaks 8000.00 support, the important target for sellers will be 6000.00 support level. In the past this zone was the solid bottom, and in the future it will act the same role. The market can move directly to this bottom or after the retracement to the resistance zone and bouncing from it. How it will be - we will see. But anyway, if you want to talk about Bitcoin as a bullish market based on the daily charts, we need a breakout above the downtrend line. Without it, the market will keep the bearish status.