Bitcoin Moves to $30 000?
We could see an attempt to move above the daily uptrend line and continue the price movement in the bullish structure. But the buyers failed.
Yesterday, we saw strong bearish pressure. The price bounced from MAs and moved to the weekly uptrend line. The price updated the previous swing low and it means we have to forget about the previous bullish structure. It means for a new upward movement we will have to build a new bullish structure from scratch. It will take more time.
The price reached the weekly uptrend line. It is a support. But after the strong bearish candle and upcoming weekend, I’m not sure that we will see a reversal. We need strong buyers who will start buying Bitcoin in good volume. Do you think they do it now?
So, I think the best option we should consider, it is a consolidation around $35 000 - 36 000.
But even if the price bounces from the uptrend line, I’m not sure that we will start a new uptrend. The past performance showed us that the market is not ready to move upward, yet. And the downward movement has the obvious target at $30 000. I think, we will touch this local bottom first of all, and only after that we should expect a new bullish trend. MACD and RSI in the daily chart confirm the further downward movement.
I should say that before this dump, I was more bullish. But now, I have no reasons to stay bullish. And what about you?
As for the bullish model, I would like to see a reversal pattern at the weekly uptrend, $30 000 support. It will be the 1st step. After that I would like to see a breakout above MAs, the daily downtrend line and $42 000 resistance. It will confirm the strength of the buyers. Without it, we should be ready to see the further downward movement and a sideways movement as an alternative.
Yesterday, we saw strong bearish pressure. The price bounced from MAs and moved to the weekly uptrend line. The price updated the previous swing low and it means we have to forget about the previous bullish structure. It means for a new upward movement we will have to build a new bullish structure from scratch. It will take more time.
The price reached the weekly uptrend line. It is a support. But after the strong bearish candle and upcoming weekend, I’m not sure that we will see a reversal. We need strong buyers who will start buying Bitcoin in good volume. Do you think they do it now?
So, I think the best option we should consider, it is a consolidation around $35 000 - 36 000.
But even if the price bounces from the uptrend line, I’m not sure that we will start a new uptrend. The past performance showed us that the market is not ready to move upward, yet. And the downward movement has the obvious target at $30 000. I think, we will touch this local bottom first of all, and only after that we should expect a new bullish trend. MACD and RSI in the daily chart confirm the further downward movement.
I should say that before this dump, I was more bullish. But now, I have no reasons to stay bullish. And what about you?
As for the bullish model, I would like to see a reversal pattern at the weekly uptrend, $30 000 support. It will be the 1st step. After that I would like to see a breakout above MAs, the daily downtrend line and $42 000 resistance. It will confirm the strength of the buyers. Without it, we should be ready to see the further downward movement and a sideways movement as an alternative.
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