Bitcoin Important Line and Level
The price could not break 8000.00 support level and bounced to the uptrend line. Will it be a short term retracement with further falling to 7000.00-6000.00 levels? Will it be a starting point for a new uptrend? In order to get replies on these questions, we'll have to watch closely for price action at important levels and lines. For a downward movement the price will have to reverse from the downtrend line and break 8000.00 support level. For confirmation the upward movement, the price will have to break the downtrend line. So, the downtrend line and 8000.00 support are the key levels for the market now. Let's keep an eye on price movements in these important zones.
The other signals, which we should take into consideration, are the signals from indicators. The price diverges with MACD and RSI and it gives us a trend reversal signal. MACD supports the upward movement. DMI shows that the bears are not so strong now. ADX line falls and we should not expect strong price movements. But will the price move upward? The previous attempts were not successful. Now we must be very careful with any buy signals, because the market is not stable. Only strong fundamental support and solid reversal signals can be a good reason for opening long trades.