The 4H timeframe provides us two major zones where breakout signals will be able to confirm the direction of the further market movement.
We have the market conditions with the sideways movement at 8000.00 resistance level. The price tried to break it and continue the upward movement, but all these attempts failed. We can see SMA50 acting like the support line, and from this line, probably the market will try to move one more time upward. But this movement also can be unsuccessful. DMI does not show us that buyer or sellers have power for pushing the price upward or downward. RSI line is between the zones, and the price can move in both directions. But if we use the higher timeframes where the market looks overbought, the downward movement will be more logical.
For confirmation the correction, the price will have to break the local uptrend line and drop below 7600.00 level, which is a new support level. If so, the market will be able to reach 7000.00 where the price action will be important for us. The breakout below 7000.00 will open the road to 6000.00 support. The reversal signals from these zones will be good for buying.
For confirmation the upward movement the price will have to move above the local swing highs and, for the better signal, break 8500.00 resistance level.
Can I join your group, take the opposite position of all of your calls, and then after six months, if I'm at a loss, give you 1 BTC?
scripter
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taktip
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MichaelEssing
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I think that 7k breakdown is real, moreover, next few months will be fun only for bears:
bedarija
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check daily RSI trend and stoch RSI and tell me if i am seeing this right, but i see another surge to 10k ....
Bistonic
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Interesting how LTC seemed to lead the way on btc latest test of 8K, any thoughts on that @DLavrov ? Cheers
Bistonic
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@DLavrov, thanks for sharing your thoughts and chart on Bitcoin, I couldn`t agree more. Let the markets come to us, chasing them doesn`t work out well in the long run.
Keep up the good work.
VaidoVeek
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I'll wait for also a breakout, breakout from the triangle.
Some pretty clean levels for getting confirmations and some pretty good indications are supporting breakouts to either direction:
All the best!
NB: Why you drew that bottom trendline so soon, to me this is not reliable the bounce has not confirmed!
AlanSantana
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Taking a look at Bitcoin on the Monthly time frame, this chart remains 100% bullish: