Bitcoin: What's New? The Bottom Will Be Reached

This post will be good for those who don't believe in Technical Analysis, indicators, and trading strategies based on them.

The market provides a very good example explaining WHY it does not move higher. The reason is - the price reached the resistance level, and in this case, it is SMA200.

If we talk about the daily timeframe, the market stays bearish with the exact plan to move lower in the borders of the descending price channel. The price can move upward too - up to the main downtrend line. But this movement will be in the bearish structure. Also, the market does not look solid from a fundamental point of view. It is another bearish signal.

I wrote about the possible falling to 6000.00 bottom level. If you did not read this post before, you can find it in the related ideas. It is still workable, and for us, the breakout below the local swing lows still is the key bearish signal.

But maybe you want to know WHY the price did not drop as we planned? The reason is - the price reached SMA100 from the weekly timeframe, and this support holds the market.

Just only 1 type of indicators like Moving Average can show where the market can be stopped and provide trading opportunities based on reversal and breakout signals. Fundamental Analysis won't be able to do the same. If you think TA is useless, probably you just don't know how to use the powerful tools, or you use them in the wrong way.