The price broke SMA50 and now it falls to the most important zone. This zone is formed by SMA100 and a very strong 5000.00 support level. It will be the best point for a possible reversal. We can see the bearish market for at least 6 months on lower time frames and it should be changed by bullish period. It's the question of time.
If we use SMA100 as a signal line showing us the main trend, the weekly chart still is in the uptrend and we have a very deep correction. If the price breaks this support zone, we'll get a confirmation for the uptrend reversal. The market will be able to reach 3000.00 and even 1000.00 level after that. But do you believe in such falling?
We should be ready to see the price reversal from the support zone. The breakout above the downtrend line will give us a confirmation for further upward movement. The target levels will be at 8000.00 and 10000.00 at least. This variant of the market movement looks more realistic. RSI is not far from the oversold zone. MACD histogram will confirm the upward movement after any strong bullish candle. DMI does not confirm the strength of bears. It's a good time for a new bullish market after a long falling. Don't you think so?
Please, share your thoughts in comments! I will be grateful for your likes if you think this market overview is worth it.
just after few hours after your post, BTC bounced like crazy....maybe you just shared your thoughts but,they were on-point...Kudos!!
KassandrA_dotcom
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We most probably go lower :
siht84
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@ComeTcrypto, Dude please be realistic. 2000 is not realistic
KassandrA_dotcom
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@siht84, First learn to read a chart : there are two strong support before the 1K area : 4K9 and 3K. Then don't forget to follow me in some months. You know when i was calling for sub 8k when BTC was at 16 and 13k people said the same.
Larrycrypto
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Hoping for a sharp selloff get this moving again, else it seems we will continue to bleed. Still to many bullish posters which is not a good sign.
Larrycrypto
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@Larrycrypto, exploded , pump until the next selloff date I suppose?
Grimland
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Good analyse!
A falling wedge can also be seen on the daily tf.
Nice job on appeasing your potential supporters and helping them forget how much money they lost by saying stuff like “it’s a good time for a bullish period”. You said this two weeks ago as well and look what happened. There’s no such thing as a good time for anything: TA doesn’t care about that, from which you then either long or short. It’s not an emotional science.
DLavrov
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@trding_view12, it looks like you started trading in financial markets from 2017 and it was crypto markets. Welcome to the real world! Yes, financial markets move in uptrends and downtrends, they move in sideways too for years. There are periods when you make profit and there are periods when you face with drawdowns of your capitals. This period of falling and unpredictable market movements - it's not a reason to write the comments something like yours. With proper money management people don't blow up their money, they have drawdowns which are the part of ANY profitable trading in the financial markets. You want Lambo for 1 month - you know these experts giving you such opportunities. In order to make stable profit in long run it does not need to be right all the time.