Based in the daily timeframe Bitcoin is not far from the support zone formed by the uptrend line and 7000.00 support level. This zone is good for a trend reversal and and it can be a starting point for a new upward movement to 10000.00 level at least. In order to get signals confirming the trend reversal faster, it's better to search them on lower timeframes. Now let’s look at the 4H timeframe where we can see a bullish divergence. This is a strong trend reversal signal. It tells us that the market is going to start a new sideway or uptrend movement soon. For confirmation the trend reversal we just need to have a breakout above SMA100 and in our case 8000.00 resistance level too. Now we have the uptrend already in the 1H timeframe where the price broke SMA100 and we have higher highs and higher lows. The same pattern we need in the 4H timeframe too.
MACD supports the upward movement. DMI is bullish and confirms trend market conditions. ADX line rises and it tells us that bulls become stronger. We can say that the market has everything for further upward movement from TA point of view. Bitcoin starts a new uptrend.
You have said something similar on 22th April.
"we have a breakout above the downtrend line. New swing low higher than the previous one - yes, it confirms that the correction is over."
A month and half later and we are 1500USD lower.
It's not wrong to be wrong but try to chose your words wisely.
avrdan
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@kazan79, but he also said back then for confirmation look the level of 10k have to be broken which they were not. he usually mentions some levels of confirmations. Same now, the confirmation is at 8k for the road to 10k, after that, if happens, usually comes a new analysis.
kazan79
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@avrdan, that is exactly what he said: " we have a breakout above the downtrend line. New swing low higher than the previous one - yes, it confirms that the correction is over."
and now look at this title: "Bitcoin Starts New Uptrend". Are you sure?
avrdan
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@kazan79, Myself I am sure. In the definition of an uptrend (simplified) you have higher highs, higher lows. You are referring to a weekly chart, where the uptrend was not confirmed, but since it did not have a lower low, it's still valid, it can turn now and break that 10k making a higher high. I don't know if it will but it's possible.
Here there's an analysis of the 4h chart, so we zoomed in, we have other uptrends and downtrends except the main ones on the weekly/daily. On the 4h chart, it is starting a new uptrend. If the lower low happens then this idea fails here. But for the old weekly uptrend to fail you need a lower low under 6.5k where it started, not where he posted that it broke the downtrend line. I think what you don't like is the way he formulated it, because I see the logic is there - on different time frames you have different trends - on the minutes you have downtrends, reversals and uptrends every day. It just doesn't go in a straight line.
sumastardon
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cryptnomic
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BTC might double top at 7600!
IamCryptoWolf
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PiotrWoz
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@IamCryptoWolf, cool i agrre with you. we are prbaby in accumulation phase. if we break below the triangle - we re goin to Hell (2000, 1000, 500 USD/BTC)
on another hand look around almost every exchange prepare someting new. mostly for the Institutual money
jamen.mylion
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novem_bronze
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thnx dmtry but there is a flat and quiet market, i think early to say for uptrend movement, may be drop to 6900
"we have a breakout above the downtrend line. New swing low higher than the previous one - yes, it confirms that the correction is over."
A month and half later and we are 1500USD lower.
It's not wrong to be wrong but try to chose your words wisely.