The price bounced from 6500.00 level. RSI confirmed the price reversal in the oversold zone. MACD supports the possible upward movement. DMI is bearish but ADX falls and it allows opening long trades. Should we trust these signals and open long positions? I think we should and the previous bullish divergence confirms it. But we also should take into consideration the power of bears. The market still has potential for downward movement to 6000.00 level. But the short term retracement to the previous resistance levels is also possible.
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The daily chart supports this trading idea. A reversal candlestick pattern and a bullish candle tell us that the price is going to bounce from the uptrend line. Let's wait for the close price from the daily chart. It will give us a confirmation of price reversal.
@Badrosha, its been hard finding any bulls on this site, with magic and dark. Looks good for a trendline test, i'm not in yet but do i have the confidence to call this a bottom and get in on a pullback maybe a double bottom on an 15 min
Badrosha
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@TomPower, if i wasn't very restricted and disciplined to my trading strategy i would have went all in from the moment we hit 6400 .. this is not an advice for going long ! .. cheers
Badrosha
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@TomPower, check my analysis at my page hope you will find something you like, i'm only bullish
TomPower
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@Badrosha, myself guilty for not buying when i seen it reject that bear trap. just been brainwashed into 6k. I'll have a look
Badrosha
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@TomPower, its the typical emotional market cycle which gets most of us but with the acknowledge of it you will perform much better next time around, anyway buying a very volatile spot was never my best decision i'm more into Elliot waves and fib. retraces
@TomPower, check my latest btc chart just published it
rigosbox
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@Badrosha, perhaps we should all consider that this is a super cycle correction. Since 2014 there has been extraordinary gains, and these gains have yet gone through a strong correction. And like Master @DLavrov said the bears are still strong, and the bulls still need some time to recover.