Bitcoin: Ideas from Weekly Chart
I think it is the right time to look at the weekly chart just in order to understand a possible market movement within the nearest several months.
The market tried to develop an upward movement, but buyers could not make a new swing high. The price bounced from 10 500USD resistance zone and moved back to 9000USD. If the price can't break the previous swing highs, it will be a bearish signal. We will probably see the downward movement to SMA100 and SMA200. MACD histogram and RSI support this idea. For this, the price will have to break SMA50, which acts as a support line right now.
The downward movement to SMAs will make the price interesting for buying. It will make buyers active again, and we will be able to expect a new upward movement to 10 00USD - 10 500USD zone.
As we can see on the lower timeframes, all reversals from the local support zones are not supported by solid upward movements. It can be a signal that the market doesn't have strength buyers who would continue the uptrend. The weekly DMI confirms it.
The weekly chart, as well as the daily, look much more bearish than bullish, and probably we will see the continuation of the uptrend only after the downward movement and the reversal from the SMAs. The perfect starting point for a new upward movement is 6000USD support. Will the price reach this zone? I think it is possible.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
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.
The market tried to develop an upward movement, but buyers could not make a new swing high. The price bounced from 10 500USD resistance zone and moved back to 9000USD. If the price can't break the previous swing highs, it will be a bearish signal. We will probably see the downward movement to SMA100 and SMA200. MACD histogram and RSI support this idea. For this, the price will have to break SMA50, which acts as a support line right now.
The downward movement to SMAs will make the price interesting for buying. It will make buyers active again, and we will be able to expect a new upward movement to 10 00USD - 10 500USD zone.
As we can see on the lower timeframes, all reversals from the local support zones are not supported by solid upward movements. It can be a signal that the market doesn't have strength buyers who would continue the uptrend. The weekly DMI confirms it.
The weekly chart, as well as the daily, look much more bearish than bullish, and probably we will see the continuation of the uptrend only after the downward movement and the reversal from the SMAs. The perfect starting point for a new upward movement is 6000USD support. Will the price reach this zone? I think it is possible.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
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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