DLavrov

Bitcoin The Most Important Zone for Bulls

POLONIEX:BTCUSDT   Bitcoin / Tether USD
The weekly chart looks strongly bearish and probably the market will continue falling. But any trend reversal starts from lower time frames when the price reaches important lines or levels. That's why the daily chart can be interesting for us from this point of view to spot the main market movements. The daily time frame can give a trend reversal signal faster than the weekly time frame. This time I use only such technical tool like a trend line in order to show you that the price is at possible reversal zone. This zone is between 7000.00 and 6000.00 levels and it includes the uptrend line. Without fundamental news, which can push the market lower, this support zone should be considered as a possible starting point for a new upward movement. This is the most important zone for the last period. If the price bounces from this zone, we'll see the upward movement to 8000.00 and 10000.00 levels at least. We'll be able to think that the uptrend will continue further. If the price breaks this zone, we should be ready to see the falling to 5000.00 and 3000.00 support levels. These levels will be good for buying but the possibility of reaching 20000.00 level will be vague in year 2018.
Comment: Bears are strong. Falling to 6000.00 level is possible.
Comment: The price bounced from the support zone! Bulls become stronger. Probably we'll see a new uptrend starting from the current levels.
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Lmfao :D Man it was obivous bull trap and small manipulation of few whales before another big dump. We havent found the bottom and we are in bear market. U behave like a rookie novice trader ;)
+2 Reply
Probably not.
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You got my likes ++
+1 Reply
Hey Lavrov, it looks like you adjusted your bottom support uptrend line from your last BTC update. What made you change your calculations?
+2 Reply
I have noticed a symmetric triangle, which eliminates my scenario 3 (bears), it is also leaving very long shadows an evident weakening of the bears is present, in the daily chart RSI is oversold, there is more upward momentum, the bulls are shyly appearing little by little, I think this time you have marked perfectly



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It is interesting, at the 1.8k, 3k, 5k and 6k dips where the rsi dropped out there was a capitulation bar for volume. Yet here we are at the same RSI but the volume isn't there to indicate the reversal. All I know is that selling now is a terrible decision because it could reverse at any moment.
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