POLONIEX:BTCUSDT   Bitcoin / Tether USD
If the weekly chart looks pretty good in long run, but what about the lower time frame? If we look at the daily chart , we can see that the price tries to break the downtrend line. The previous attempt was not successful, but the price also could not stay below 10000.00, a strong psychological level. It can be a signal that the bears are not so strong as before. Also we have to pay attention to another signal which the market is going to give us soon. The price forms an Inverse Head and Shoulders chart pattern. It belongs to a reversal group of patterns. If the price breaks the downtrend line and after that a neckline, the iH&S will be confirmed and it gives us a trend reversal signal. We should be ready to see a new uptrend. Just it will be better to wait for a breakout above 12000.00 resistance level , as an additional signal confirming the upward movement.

If we look at the main indicators, we can get following signals. RSI confirmed the price reversal from 9200.00 level. MACD histogram and lines support a possible upward movement. ADX line falls to 20 level and it does not confirm any strong price movements. But DMI becomes bullish and when ADX line rise, it will be a good confirmation for a possible breakout above the resistance zone formed by the downtrend line, the neckline and 12000.00 resistance level .

Alternative variant: if the price can't break above the resistance zone , we should be ready to see a downward movement. If the market drops below the right shoulder, it will be able to drop to the support zone at the uptrend lines and 6000.00 support level . We'll have to watch closely for price action in this zone, because the market will be able to give good buy signals. Probably we'll get a double bottom pattern and this zone will be a good starting point for a new upward movement.
Comment: The price is going to form a reversal candlestick pattern like we had 20 of February. For supporting the breakout and further upward movement, we need a bullish candle as quickly as possible. Watch for price action at 10000.00 level. Now it's the key level.
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@DLavrov can you update if we get a bullish candle to confirm further upward movement? I couldnt tell unless it was a really big green one :) Also, time to get out of alts and wait on the sideline (bad risk:reward ratio right now)?
+1 Reply
straight forward analysis, great again Dr. Thanks
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The price is forming a bearish pin-bar just ander the descending trendline and 50 MA
+1 Reply
WOW! You just got a new follower, ME! That was one of the best, most concise, and straightforward explanation of things i've seen to date on TV. No tootin' your own horn, as many like to do, and just very easy to understand material no matter what level of TA your at. Great post, i look forward to following you! And when you push that play button, your right on target so far..... keep up the good work! :)
+3 Reply
11800 weekly support, pretty important resistance
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@DLavrov , thanks dimitry for the analysis .... can you please mention the market cap and the volume in the daily weekly and monthly analysis ... as those variables are also important for sustainability of the price
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Come on 6k
+6 Reply
people behind bitcoin wants more money to get out from market becouse they play a games,,market is unpredictable,,so watch for your money guys,im 100 procente sure that we will get to 6000 points maybe little lower than we go uptrend,ballon is inflated to much last year,,and they must to blow out him a little bit,that yust my opinion,,thanks lavrov for best analyst on trading view!!!
+3 Reply
javadth goran1
@goran1, i hope so
we will say hello to 4k
+3 Reply
@goran1, the hodlers will win in any way and thanks for your comment!
+2 Reply
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