Bitcoin Market Overview

The price bounced from the support zone formed by the uptrend line, 6000.00 and 5000.00 levels. RSI confirmed price reversal in the oversold zone. MACD histogram supports possible upward movement and MACD line are going to do the same soon. ADX line rises and it tells us the bears still have power. In spite of this bearish signal from DMI indicator, we have one more solid signal confirming a trend reversal. It's a bullish divergence which was formed by the price and MACD histogram. Also, for confirmation further upward movement and continuation of the main uptrend, the price will have to break the downtrend lines. Moving above 10000.00 and 12000.00 also will give positive to the market. New buy trades can be opened based on breakout signals above these lines and levels. The uptrend line will act as a solid support line and open new trading opportunities, if the price drops to it again.

As a conclusion, we have several signals confirming the price reversal. But still we need price breakouts above the important lines and levels for confirmation that the market is going to continue the main uptrend.