The price broke the downtrend line and reached SMA50 which acts now like a resistance line. Probably we'll see a sideway movement or a short term downward movement to a support zone. This zone is formed by SMA100, the uptrend line, 6000.00 and 5000.00 levels. It will be a good variant if the market continues the uptrend from this zone. Also it will give additional opportunities to buy in long run based on reversal signals. The variant when the price breaks SMA50 and reaches 10000.00 level without a correction or a sideway movement, I don't believe. But it does not mean that it's impossible. I just think that such market movement is less logical. And what is your opinion? Please, share in comments!
Signals from indicators: - RSI can confirm the price reversal from SMA50 - MACD is bullish and supports the upward movement - DMI does not support bulls and ADX line falls. It tells us that we should not expect strong and stable price movements now.
So, as a conclusion: 1. the weekly timeframe gives solid signals confirming the upward movement. The price breakout above the downtrend line, strong bullish candles, MACD bullish signals support the market and the buyers. 2. the perfect variant for the market will be the continuation of the uptrend from the support zone. The falling or the sideway movements withing several weeks will be normal and we'll have to use such movements for opening long trades.
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The price bounced from the support zone and it gives one more confirmation that the market can move higher. Will it be so without hype and strong fundamental support? Please, share your thoughts in comments.
I do agree with the support zone but it has already had 3 tests of the support zone, right? Wouldn't you be afraid that if the price comes back again to the support zone for the fourth time that it will probably be the beginning of a further downward trend?
Guys I saw this message somewhere, please let read it and reason with the contents.
Bitcoin ETFs
I wasn't sure I would go forward with this, but I feel a moral and ethical obligation to. And while this is really going to upset and possibly enrage the close friends I have who work in some of the larger named Investment Banks on Wall Street, I want to share this with everyone I can reach in the crypto space and let the chips fall where they may. Here's the deal:
The market has done a great job of convincing everyone the Bitcoin ETFs are the end-all be-all for crypto growth. (They're not. At all.)
But they want you to believe this to get the prices down really really low for Wall Street. And everyone seems to be playing right into their propaganda. Realize that Bitcoin ETF's have been applied for and denied going back the last 5 years.
With our recent run testing a $1 Trillion crypto market cap, Wall Street woke up and realized holy hell there is actually a ton of money to be made in this space and it has barely begun. But they missed the boat! So they want in, cheap; Convince everyone these ETF proposals are paramount for the market to ever go up again. (What a joke!). Realize the most likely scenario is these Bitcoin ETFs will not be approved at all this year until early or late next year; all the while using each delay and denial to further drive down the price of BTC. We can stop this if we stop giving credence to their propaganda that is the importance of the ETFs.
Clearly the ETF Proposals are clouding the crypto space to the point it is absurd and ridiculous -- you see it, I see it, and yet we are all playing into it and spreading their manipulative message. Entirely too much focus is being placed on the ETFs.
What everyone needs to be focused on is the technology and adoption. Stay focused on the technology and adoption of crypto, it's what got the market to nearly $1 Trillion already, and let's all let the ETFs do whatever they're going to do.
If we can get everyone on the same page here (and if we work together we can) Bitcoin will brush off the ETF bull shiitake and the crypto market will continue to grow massively with the awesome developments in the crypto space. Do not give Wall Street the pleasure of seeing you Tweet, Post, YouTube, etc anything having to do with the ETFs. Just stop. Let's bring it to a full stop my crypto friends.
Will you do your part to help the crypto community get back on track with focusing on what really matters -- the technology and adoption. Shine the light on this important message and share it with all. Thanks in advance.
Together we are unstoppable.
Very Respectfully
Sorry for forwarding but at least it will help someone.