Bitcoin: 12 500$ and 5000$ as Possible Targets

The support zone formed by 10 000USD and SMA100 holds the price. If we look at RSI , the line is not far from the oversold zone. MACD is below the signal line, and it can provide a good bullish signal. We would have a very good buying opportunity based on the reversal signal in the daily timeframe if the weekly chart could support an upward movement. But the weekly chart looks bearish and we should expect the continuation of the downward movement. Also, if you believe in the correlation between
stock and crypto markets, it gives another bearish signal for Bitcoin .

If the price can stay above the support zone , it will become a starting point for a new upward movement toward 12 500USD.
If the price breaks the support zone , the next target will be SMA200 and 9000USD. The breakout below SMA200 will open the road toward 8000, 7000, 6000, and even 5000USD.

This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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what are you smoking? 5k, lol. c'mon man, seriously?
+2 Reply
nginx HowToBuyBitcoindotnetdotau
@HowToBuyBitcoindotnetdotau, Did you say the same thing when Bitcoin plunged to $3600 last time?
+1 Reply
DLavrov HowToBuyBitcoindotnetdotau
@HowToBuyBitcoindotnetdotau, what's wrong? If the priced reached that zone without any reasons, thanks to the downward movement in stock markets, why not it can be done again?
@DLavrov, Without any reasons? dude... it was a reaction to a global pandemic and to locking down the world's economy.
IgnasG SamCharlesworth
@SamCharlesworth, pandemic didn't end. FED printed money and stopped stock market crash, but for how long? There are record values of unemployment and closing businesses...
MACD lines are going under zero level, last case was in February.
9-10-11 of March 2020 - RSI was near oversold zone, but drop went then.

Just to argue)
+1 Reply
From a EW perspective, I believe the August high is a wave 5 peak of the long term wave that started in March. If I'm accurate, you're probably right about the near term bounce (between 9500 and 10000), but that bounce will be a short term wave within an intermediate ABC corrective wave. I don't expect the bounce to reach 12000. If this EW wave count is accurate, the ABC corrective action should be complete by late October to early November before the next major upward wave begins.
+1 Reply
CrypTorre moon4yu
@moon4yu exactly my thought! Above 11.2K would be a failed EW count and make it bullish again
@moon4yu, I think another alternative count is the August peak being wave (1) of 3, and wave 1 finished with May ending. But I can definitely see the August peak being wave 5 as well. I guess we'll be able to distinguish which one is true soon as wave (2) of 3 can't drop much further now.
Take a look at our overview.
PiotrWoz Phi-Deltalytics
@Phi-Deltalytics, you need more text, more indicators, more colours, more of everythink on your chart ... lets get serious. simple is the best and less is more
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