Bitcoin Starts New Uptrend

Based in the daily timeframe Bitcoin is not far from the support zone formed by the uptrend line and 7000.00 support level. This zone is good for a trend reversal and and it can be a starting point for a new upward movement to 10000.00 level at least. In order to get signals confirming the trend reversal faster, it's better to search them on lower timeframes. Now let’s look at the 4H timeframe where we can see a bullish divergence. This is a strong trend reversal signal. It tells us that the market is going to start a new sideway or uptrend movement soon. For confirmation the trend reversal we just need to have a breakout above SMA100 and in our case 8000.00 resistance level too. Now we have the uptrend already in the 1H timeframe where the price broke SMA100 and we have higher highs and higher lows. The same pattern we need in the 4H timeframe too.

MACD supports the upward movement. DMI is bullish and confirms trend market conditions. ADX line rises and it tells us that bulls become stronger. We can say that the market has everything for further upward movement from TA point of view. Bitcoin starts a new uptrend.