Bitcoin Market Overview on 11.01. Will it Grow to 20k or Fall Down to 10k?


Bitcoin price came back to the 1st support zone formed by SMA50, 0.5 Fib level and the uptrend line. This zone is strong and it’s very important for continuation of the main uptrend. If the price bounces from this zone and breaks the downtrend line, we’ll see a new attempt to reach 20000.00 resistance level and make new highs. It will be positive for Bitcoin -8.37% and other crypto markets. But there is an alternative variant. If the price breaks the 1st support, we’ll see falling to the 2nd support zone which was formed by 0.618 Fib Level, SMA100 and 10000.00 support level . And this variant looks rather realistic. MACD and DMI give bearish signals. The weekly chart is overbought and gives bearish signal too. It has free space for falling to 10000.00 level. Now we have to watch closely for price action at these support zones, because they are very important for further long term market movement.

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