Gone fishing with my buddy Bitcoin - BTC Market Overview

Hi friends, long time no see. Yes, crypto has become a bit like fishing, instead of a race.

Bitcoin stays bearish. Moving Averages with different periods confirm the downtrend. DMI is bearish and ADX is above 20 level. It confirms the strength of bears. We could expect the further falling but the price is not far from support zones and levels. After reversal from SMA50 the price could not break 6000.00 support and probably we’ll see a new swing low at this level. If so, it will be a good signal for bulls. Even they are weak now and they could not develop a good uptrend before, the new higher low will give us a new bullish signal. Probably this zone will be a basis for further upward movement with breaking above the resistance zone formed by 6500.00 level and SMA50. Moving above the previous swing high will give us new bullish structure with higher highs and higher lows. The price will be able to move to 7500.00 level where SMA100 will act as a strong resistance line. Breaking above SMA100 will confirm the trend reversal and the power of bulls.

As MACD histogram and RSI are going to confirm the upward movement, the market still keeps potential for the further falling to the support zone at 5000.00 level. This is a strong psychological level which can be a good starting point for the beginning of a new bullish trend. Will it be so, we will see within several months. The market will have to decide in which direction it is going to move.

The current levels are not so good for selling because there are several strong support zones not far from possible entry levels. For buying we don’t have solid signals. It’s time for waiting and watching for the market. Staying outside the market sometimes can be a very good position. Don’t forget about it.

What are your feelings about the speed of the markets? Please, share in comments.