The strong bullish
candle became a surprise for the Crypto World which was bearish
for several months. Now all hodlers must be happy to see such price movement because the market confirmed a new uptrend at least on the 4H time frame. When the price broke the donwtrend line, we got a confirmation of the downtrend reversal. When the price broke the swing high level and moved above 7200.00 level, we got a confirmation for a new uptrend. Now we can draw a new uptrend line which will play as a support and signal line for the further price movements. This line will be used for getting buy signals based on the price reversals from it.
If we look at the indicators, we'll get signals supporting the uptrend. MACD
based on the 4H and the daily time frames. DMI is bullish
too and ADX
line rises which tells us about the power of bulls. We should be ready to see the development of the uptrend with reaching at least 10000.00 level. As RSI
is in the overbought zone and it's going to confirm the price reversal from 8000.00 resistance level
, probably we'll see a short term retracement to the uptrend line. But I think the price will bounce from 7500.00 or 7000.00 support levels and continue the upward movement. The markets becomes bullish
and it's good!
And what do you think about the further price movements in this market? Please, share your thoughts in comments.