The strong bullish candle became a surprise for the Crypto World which was bearish for several months. Now all hodlers must be happy to see such price movement because the market confirmed a new uptrend at least on the 4H time frame. When the price broke the donwtrend line, we got a confirmation of the downtrend reversal. When the price broke the swing high level and moved above 7200.00 level, we got a confirmation for a new uptrend. Now we can draw a new uptrend line which will play as a support and signal line for the further price movements. This line will be used for getting buy signals based on the price reversals from it.
If we look at the indicators, we'll get signals supporting the uptrend. MACD is bullish based on the 4H and the daily time frames. DMI is bullish too and ADX line rises which tells us about the power of bulls. We should be ready to see the development of the uptrend with reaching at least 10000.00 level. As RSI is in the overbought zone and it's going to confirm the price reversal from 8000.00 resistance level, probably we'll see a short term retracement to the uptrend line. But I think the price will bounce from 7500.00 or 7000.00 support levels and continue the upward movement. The markets becomes bullish and it's good!
And what do you think about the further price movements in this market? Please, share your thoughts in comments.
Bình luận
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The price broke 8000.00 resistance level. What's next? The market can stay above 8000.00 and it will be a new support and starting point for further upward movement. Also, it's more logical, we'll see a short term retracement to 7500.00 level or the zone at the uptrend line. Any reversals from these zones will give trading opportunities.
Dude, do you ever look at charts in log scale? You're about to get smoked... to change trend, a base needs to form over a couple of months. This might (might..) wick up to about 9k but this is going down.
what I wonder is the fact that this pump happened within 30m timeframe. As a matter of fact there were 3 major 1-min pumps (shortest tf). This appears more like shorts got liquidated, margin calls and stop-losses successfully triggered by the attackers :)
Looked more like market clearance, way cleaning. But we are all paranoid in this market :)
hamedgho2000
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most of hodlers was waiting to see this behavior to cash out
is this right time to cash out and wait to rebuy in lower prices?
DLavrov
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@hamedgho2000, it depends on the netry levels. But I don;t think it's good idea to exit from long positions at 8000.00 level. The market has potential for reaching higher levels.
mrmeeseeks
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@hamedgho2000, you risk selling near the bottom at these prices, we haven't moved that far... sentiment seems to be shifting
nalydofficial
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@hamedgho2000, you never go broke taking profits. There will always be some sort of a retracement, bearish momentum still in play.. talk of 6000-4900 shouldn't be ignored, what do you think @DLavrov ?
DLavrov
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@nalydofficial, for falling to 6000-5000 levels there must be solid fundamental reasons. Do we have such now? I think - no. So, why we should talk about 6000-5000 levels now?
nalydofficial
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@DLavrov, I just think it's important to be aware of for long term (2-3 weeks haha- long term in crypto). Definitely playing and bouncing off 7000-7500 range, but do you consider one large green candle to all of a sudden flip a 3-month bearish market?