Bitcoin: 12 500$ and 5000$ as Possible Targets
XBT / USD KRAKEN:XBTUSD
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.
Source: TW DLavrov