Bitcoin Market Overview

Market Overview: Bitcoin

The price reached a strong resistance zone formed by the downtrend line and 12000.00 resistance level . We have to watch closely for the price action in this zone. It will give us understanding of further price movements. If the price bounces from this resistance zone , we’ll see a downward movement to 10000.00, 8000.00 and 6000.00 support levels. Which level will be reached, it will depend on the power of bears near these support levels. But such variant of price movement is not support by indicators.

We should be ready to see a breakout above the downtrend line with further upward movement. There are some reasons for this. The weekly chart is bullish . MACD supports the upward movement. DMI becomes bullish too. The previous huge upward movement to 20000.00 level was corrected and now the market is ready to continue the main uptrend. The breakout looks more logical. If the price can move above 12000.00 level, it will reach 15000.00, 17000.00 resistance levels. The price will be able to reach the previous high at 20000.00 level too, but for this the market will need a good fundamental support.
Comment: The market gives a reversal candlestick pattern at the downtrend line. We should be ready to see a short term retracement to 10000.00 support level.
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Mr @DLavrov .
My opinion is that correction is not over and we are still in downtrend.

This ''rally" is about to end soon, ending in bloodbath all traders, as they bleed with Bitcoin all the way down to 3000$.
It's not right time to call " bullish".
But, that is solely my opinion regarding this very tricky and possibly very very deceptive situation about being bullish with no healthy grounds for it.
Regards Mr. Lavrov
Correction is not over. Brace yourself
+2 Reply
+1 Reply
darrella InMysafe
@InMysafe, Hater
+7 Reply
But you still think that it is just few days downtrend and then we will go up again as in you analyse?
+1 Reply
But you still think that it is just few days downtrend and then we will go up again as in you analyse?
I called btc right, better than a poop =D
portfoliox portfoliox
@portfoliox, here is the post
at what price should I buy some coins ? at cca 10000 or lower ?
+6 Reply
thank you. and after that, back to the actual downtrend line ?
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