Let's talk about Bitcoin using the 1H chart and try to predict a short term movement.
The price broke the local downtrend line, and it gave us a bullish signal.
At the same time, the market has space for the further falling to the local support at 7100.00 level. Why is this support important? You can see how the price acted at this level in the beginning of December. This support was a starting point for a local uptrend. The same goes about this time.
If the price can't develop the upward movement based on the breakout, it will be possible to expect the reversal from 7100.00 and a new local uptrend with the main target at 7500.00.
MACD lines support a possible upward movement. ADX line falls, and it tells us that sellers are not so strong.
If so, why not pump Bitcoin?
The price broke the local downtrend line, and it gave us a bullish signal.
At the same time, the market has space for the further falling to the local support at 7100.00 level. Why is this support important? You can see how the price acted at this level in the beginning of December. This support was a starting point for a local uptrend. The same goes about this time.
If the price can't develop the upward movement based on the breakout, it will be possible to expect the reversal from 7100.00 and a new local uptrend with the main target at 7500.00.
MACD lines support a possible upward movement. ADX line falls, and it tells us that sellers are not so strong.
If so, why not pump Bitcoin?
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