Bitcoin The Most Important Zone for Bulls

The weekly chart looks strongly bearish and probably the market will continue falling. But any trend reversal starts from lower time frames when the price reaches important lines or levels. That's why the daily chart can be interesting for us from this point of view to spot the main market movements. The daily time frame can give a trend reversal signal faster than the weekly time frame. This time I use only such technical tool like a trend line in order to show you that the price is at possible reversal zone. This zone is between 7000.00 and 6000.00 levels and it includes the uptrend line. Without fundamental news, which can push the market lower, this support zone should be considered as a possible starting point for a new upward movement. This is the most important zone for the last period. If the price bounces from this zone, we'll see the upward movement to 8000.00 and 10000.00 levels at least. We'll be able to think that the uptrend will continue further. If the price breaks this zone, we should be ready to see the falling to 5000.00 and 3000.00 support levels. These levels will be good for buying but the possibility of reaching 20000.00 level will be vague in year 2018.

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Bears are strong. Falling to 6000.00 level is possible.

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The price bounced from the support zone! Bulls become stronger. Probably we'll see a new uptrend starting from the current levels.