The support zone at 10000.00 level holds the market from further falling. This zone is strong and it can be a starting point for new upward movement to the previous highs. Based on the new information from the market, let's try to spot possible entry levels in order to join to the price movement on time. If the price bounces from the support zone and RSI confirms it, the 1st entry level should be above 12000.00 resistance. Stop orders will be placed below the support zone. Profit targets for such trades should be at 17000.00 and 20000.00 resistance levels. Now MACD histogram supports the possible upward movement and we should wait for a breakout above 12000.00 level. The 2nd entry level can be above the downtrend line. If the price breaks this line, it will be a signal that the correction is over and we should join to the main uptrend. These long positions also will be opened based on the breakout. Stop orders for these trades should be placed below the local swing low. Profit targets will be 20000.00 and 25000.00 levels.
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The price bounces from the support zone and gives buy signals on lower time frames. Probably we'll see the upward movement to the downtrend line within several days. The current levels are good for buying in long term.
@DmitriKnjazev, previous two was one alternation one continuation. So the chances are 50 %
mharizanov
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The ongoing USDT crisis is probably going to alter these forecasts
scobz
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@mharizanov, He didn't seem to think Coincheck would impact things, wonder if this extra FUD will. Its starting to add up....
lucky7btc.com
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Mr D. Why don't you ever make short calls also?
cabbara
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a currency priced by rich.
Judas_Goldrich
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@cabbara, whats not priced by the rich? iPhones? organic vegan food?
cabbara
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@Judas_Goldrich, iphone price cannot be easily manipulated but bitcoin easy peasy
Judas_Goldrich
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@cabbara, sure, but longterm bitcoin still seems a lot more attractive than apple stocks or spending money directly for a new iphone. volatility caused by speculation isn't an argument against any fundamental values of anything. the purpose of the iPhone X or 8 is to satisfy a tech fetish of first world people with too much money. there is no reason to spend more than 200 dollars on any phone except to satisfy some kind of tech fetish. so basically that's what is giving apple stocks most of its value. rich people who have no better idea than trying to fill their inner void with 1k dollar phones. it cant go on like that forever. I would go as far to say the whole tech market and especially smartphone market is destined to correct downwards anytime soon. rich people pushed it to an extreme upwards and so will it be during the next financial crisis when it drops.