Bitcoin Market Overview

The market could not show strong upward movement after a bouncing from SMA100, and the price returns to 10000.00 level again. The support zone at this level is rather strong and it's possible that the price will bounce again and move to the downtrend line at least. MACD gives bullish signal, and RSI is at the oversold zone. We have to watch closely for the price action at this support zone , because it will determine further market movement. If the price bounces, we'll get a new buy opportunity and positive not only for Bitcoin market but for other markets too. If the price breaks the support zone and the uptrend line, it will be a solid signal confirming further downward movement. The next support zones will be at 8000.00 and 5000.00 levels. Can the market drop to these levels? Sure, we don't see that bulls are strong and they are going to push the market to the new highs, in other way the market could break the downtrend line and confirm the continuation of the main uptrend. It looks like we should expect consolidation period or further downward movement more, than strong bouncing and upward movement. We should be very careful with opened long positions and new buy signals. The markets are unstable and more unpredictable now. We have to watch for price action at important zones and wait for clear signals from the markets.
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Are you still bullish on BTC long-term wise? @DLavrov
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@DLavrov Are you still bullish on BTC long-term wise?
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Bearish pressure still very strong.
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zarkzinc cozzamara
@cozzamara, taken
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cozzamara zarkzinc
@zarkzinc, excuse me what did you take?
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cozzamara cozzamara
@cozzamara, Be carefull at the 11K
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cozzamara cozzamara
@cozzamara, if your are interested...
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davethewaver cozzamara
@cozzamara, I agree. This happened with most top coins. This is a significant break of the downtrend meaning we may begin to see upward pressure again. Take a look at the last down trend and what happened. it may only moved 10 - 30 % before another downward correction, but i'll take that. It is a risky move so we should expect push back. The bears might not be done and the bulls may still be sleeping.
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cozzamara zarkzinc
@zarkzinc, If you like this types of trade here may be forming one. Don't know yet. Bearish pressure still very strong. Need more study to be sure.
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jsn9000 cozzamara
@cozzamara, Probably won't see a significant rise until CME futures contracts expire this Friday 4pm London Time - http://www.cmegroup.com/education/cme-bitcoin-futures-frequently-asked-questions.html
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