The daily chart of Bitcoin 1.07% . The price reached SMA50 which is a possible reversal line. We can see a retracement and probably the market is going to bounce from this MA and drops lows. If so, we should be ready to see the downward movement to the support zone between 7500.00 and 7000.00 formed by the support levels and the uptrend line from the hourly time frame. The market made a good upward movement from the 6500.00 level and it should be corrected.
If we look at the indicators, we’ll see following:
RSI reverses in the overbought zone and it gives us a bearish signal
MACD histogram is going to support the downward movement and it will give us a bearish signal
MACD lines support the upward movement in the middle term at least
DMI is bullish but ADX line falls and we should not expect any strong price movements.
For confirmation the power of bulls and further upward movement the price will have to break the high of the previous bullish candle and move above SMA50.
Conclusion: the market can drop in short term to the support zone between 7500.00 and 7000.00 levels. This zone is rather strong and it will be able to stop and reverse the price. But for continuation the downward movement the market will need strong fundamental support.
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