DLavrov

Will Bitcoin Fall Again?

BITTREX:BTCUSDT   Bitcoin / Tether
The daily chart of Bitcoin             . The price reached SMA50 which is a possible reversal line. We can see a retracement and probably the market is going to bounce from this MA and drops lows. If so, we should be ready to see the downward movement to the support zone between 7500.00 and 7000.00 formed by the support levels and the uptrend line from the hourly time frame. The market made a good upward movement from the 6500.00 level and it should be corrected.

If we look at the indicators, we’ll see following:
RSI reverses in the overbought zone and it gives us a bearish signal
MACD histogram is going to support the downward movement and it will give us a bearish signal
MACD lines support the upward movement in the middle term at least
DMI is bullish but ADX line falls and we should not expect any strong price movements.

For confirmation the power of bulls and further upward movement the price will have to break the high of the previous bullish candle and move above SMA50.

Conclusion: the market can drop in short term to the support zone between 7500.00 and 7000.00 levels. This zone is rather strong and it will be able to stop and reverse the price. But for continuation the downward movement the market will need strong fundamental support.
Comment: During the day price stayed above 8000.00 support level but now we can see an attempt to drop to 7500.00 level at least. Watch for the possible price reversal from 7500.00 level and getting new buy opportunity.

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Dlavrov is the fall still coming or is this TV wrong?
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I think we will see a 7800 before the weekend and then we go up again till 9000
+2 Reply
DLavrov rahulverma0127
@rahulverma0127, it can be like this
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This is proper TA, with actual analysis, not DA/Poop trash, thanks!
+12 Reply
@qfina, thanks!
+1 Reply
cycler DLavrov
@DLavrov, you could try adding all sorts of nonsense. Instead of just useful information and easy to read charts. Dlavrov the trader the legend, ready to take actual trades and be profitable in the long term.
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Is it at all possible that the demand for Alternative coins be what is driving bitcoin's price up?
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DLavrov rigosbox
@rigosbox, Bitcoin is the King. It push other markets
Reply
@DLavrov, Kings get poisoned by their followers.
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