Bitcoin New Uptrend

Bitcoin is going to start a new uptrend. Probably this time, it will be able to develop a stable price movement and reach the previous highs. There are some reasons for this. Let’s start from the fact that the price was not able to return in the borders of the descending channel and we got a price reversal from 8000.00 level. The market formed a new swing low which is higher than the previous one. It tells us about the beginning of a new uptrend. For confirmation the trend market conditions the price will have to break the previous swing high at 12000.00 level. But moving above 10000.00 it will be a positive signal for holders and buyers too. A new uptrend line will support the market, if it moves higher.

Now let’s look at the indicators. RSI is bullish and it is far from the overbought zone. MACD supports the upward movement. DMI is bearish but ADX line falls and it tells us that the bears are not so strong now.

Based on the information which the market gives now, we can consider that Bitcoin is in the beginning of the new uptrend. We must watch closely for price action in the zones at 10000.00 and 12000.00 levels and be ready to join to the uptrend based on breakout signals.

And what do you think about the market? Please, share your ideas in comments.