Bitcoin Important Zone

The price reached a very important zone formed by 8000.00 support, the uptrend line and 7500.00 level. The further market movements will depends on price action in this support zone. If the price breaks the uptrend line and drops below 7500.00 level, we should be ready to see the further falling to the 2nd uptrend line and 7000.00 level. The bearish period may continue for more time.

But let's be optimistic and think about the bullish market. For this the price has to bounce from the support zone and especially from the uptrend line. RSI is not far from the oversold zone and it tells us that the market has potential for going higher. MACD histogram supports the possible upward movement. If the price bounces from the support zone, we'll have a new buy opportunity. The market will be able to reach the previous highs at 9000.00 and 10000.00 levels.

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The uptrend line still holds the price. It's good. But for starting a new upward wave, the market has no power, it looks like this. Buyers, where are you?

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Well, the bearish period continues. The support zone was broken and the market falls lower. The next possible reversal zone should be at 7000.00 and the uptrend line. Watch for price action in this zone.

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Bears are strong. We need a reversal signal from the upper line of the price channel, the uptrend line and 7000.00 level as quickly as possible. In other way the we'll reach 6000.00 level - the market low from Febreary.

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All HODLERs need this chart pattern