Bitcoin - Bearish Divergence Confirmed! What's Next?

As I wrote in the previous post about Bitcoin that the market would be able to form a new swing high and it would give us a bearish divergence, now the market confirms it. We have the bearish divergence which gives us a trend reversal signal. I won't tell you that the bullish trend will be reversed, but this signal we can use as the solid confirmation of the correction movement.

RSI gives a bearish signal. MACD supports the further falling. We need to get the breakout below 5000.00 level in order to get an additional signal that the market will continue the downward movement to the important support zones.

The 1st support zone is formed by SMA50 and SMA200. The market will be able to bounce from it and continue the upward movement.

But I would like to see the falling to the next support zone between 4200.00 and 4000.00 level which also includes SMA100. This zone looks like the perfect one for buying based on confirmed reversal signals.

If the price moves lower, the 3rd support zone will be at the main uptrend line. Buying from this zone also will be good for trading for all type of traders.

And what about you? Where would you like to enter the market and where are your profit targets? Please, share your ideas in comments.