Bitcoin Market Overview

This time a bearish divergence gave true reversal signal. The price bounced from 20000.00 resistance level and moved lower. The market was overbought, and such correction movement now it's good for the market and investors. We get a new opportunity to buy on good levels and make much more profit than when the market makes new highs. And now we must have only one question - where the market will be stopped and reversed to the uptrend again? Let's look at the daily chart and spot possible support zones.

The 1st support zone is formed by 13000.00 support level from the hourly time frame and 0.5 Fib level. I don't think that this zone is strong, because it's between SMA20 and SMA50 which are also support lines. I don't like reversals between MAs and I think the price can break this zone and drop lower. But still, we should note this zone and if there is a confirmed reversal signal from it, we'll be ready to open long positions.

The 2nd support zone looks more solid. It's formed by SMA50, 10000.00 support level and 0.618 Fib level. If the price bounces from this zone, the reversal signal will be more reliable. We'll have a deep correction and a very interesting level for buying for long run. Also, RSI and MACD will be able to give good bullish signals. Now they are only moving to important zones for reversals. But what if the price also breaks the 2nd support zone? In such way we should be ready to see the price falling to 8000.00 and SMA100. This zone will be the key one for the market. It will be perfect for buying based on any reversal signals, and it will be important for confirmation the uptrend. If we see falling below SMA100, probably the bears will come to this market and stay here for sometime.

And what do you think about the current market conditions? Please, share your thoughts in commnets.
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Hands Up ! We were all wrong yesterday....Bitcoin turned very negative overnight...wait for lower levels now...great opportunity coming up
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@DLavrov hi what do u think about this pls
a bullish H&S seems to appear on H1 with a last supply violat on down trend
Take a little look in my chart idea
+3 Antworten
I also thought that the correction might be not over yet, however, i think the market is in top shape, not only because of the massive run the last time, but also because of the increasing interest probably also still coming with fear of missing out, even more than before, accelerating the price movements. In the past there were also scenarios where the correction ended a bit earlier than expected (however, has been 5 days now), maybe also due to the massive price increase which distorts the technical signals by a small percentage and there are no fundamental signs nor news for the uptrend being broken already. A correction to 10k however would have been more logical also from a technical point of view, and i'm a also a bit surprised, but i no doubt it's after all possible that we are back to 20k next week. However what concerns me a bit already since 2 or 3 months is that the volatility is continuing to increase rather than leveling out.
+1 Antworten
Its the same pattern than june-july 18th and august-september 19th (remember what happened july 17th and september 19th and what will happen soon for the bitcoin) We are going in a bull trap and then we will go for the end of the correction under the SMA 100 at 8k$ around 10-15 january
+3 Antworten
Great comments as ever. I think I'm going to sit on the sidelines a bit longer, hopefully this weekend then the Christmas period will allow things to calm down a bit and I'll make a call then.
+3 Antworten
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