Bitcoin Weekly Chart
Bearish divergence gave a signal that the market could reverse from 4900.00 level and start correction movement. RSI confirmed price reversal in the overbought zone. MACD histogram confirms downward movement. We have good signals confirming that the market can drop lower. Since the beginning of 2016 year, the market has passed through 5 correction movements. Every time the market bounced from SMA20. After that we got strong upward movements and new highs. Now we have the 6th correction. Like before, the market is going to reach the zone at SMA20. Like before, we have to expect for price reversal with further upward movement and new high. If you want to get cheap bitcoins, the zone between 3200.00 and 2800.00 levels is good for buying. It's possible to open long positions without any reversal signals, just don't invest all money in 1 trade. If the market drops below this zone, the next zone for buying will be at SMA50. But falling to 2000.00-1600.00 zone seems impossible now.
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2000-1600 is DEFINITELY possible. My target for BTC is 1300-1500. Considering how crypto bubbles usually go, this isn't a stretch. With the China news still coming, I have a feeling were starting to see the long pop/bear market like we did after Mt GOX in 2013.....but just IMO
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