Bitcoin – Bullish Market Was Confirmed
Bitcoin / Dollar BITFINEX:BTCUSD
Different timeframes give different market conditions, different directions of possible market movements and as a result different signals. This time, let’s look at the weekly timeframe and try to understand the further market movements in the long run.
The important signal which we have now – the price broke the downtrend lines and it confirmed the downtrend reversal. The price moved upward and reached 5000.00 level. We have a strong bullish candle confirming the strength of buyers. RSI confirmed the price reversal from SMA200 and now it gives the bullish signal. MACD lines and histogram support further upward movement. DMI becomes bullish , and ADX line starts an upward movement. It confirms that buyers become stronger.
The market is ready to move upward, and the signals above just confirm this statement. What about the levels which the market can reach?
The 1st resistance zone is formed by 6000.00 level which was the strong support level in the past, and SMA100. Probably the price will be able to reach 6000.00 within several weeks, and after that, we should be ready to see a pullback from this resistance zone . The downward correction movement can be up to the downtrend line, SMA200 and it’s at 4000.00 level. This zone will be good for a reversal and continuation of the uptrend. When the market can break 6000.00 resistance level , the next targets will be 8000.00 and 10 000.00 levels. If you are looking for the long term targets, the buying from the current levels or after a retracement with fixing profit at 8000.00 and 10 000.00 levels will be a good idea.
The market becomes bullish , and we have signals confirming it. Now we don’t have any reasons to think about the falling to the bottom at 3000.00 level or even lower. It’s time for the bullish market!
But what do you think about Bitcoin in the long run? Please share your thoughts in comments below this post! I will be grateful if you support my work here by your LIKEs!
Source: TW DLavrov