Bitcoin Possible Market Movements
The market reached the strong daily uptrend line which now acts as the resistance. We can see the sideway movement at this line. This zone is important now and the price action here will show the further market movements. We have to take into consideration 2 possible variants:
the price bounces from the uptrend line and drops to the support zone between SMA50 and 6500.00 support level . This varaint of the market movement is supported by MACD and RSI . This variant is also more logical because we had a strong upward movement which should be corrected. ADX line is at 60 level and starts falling. Probably bulls are not so strong now and we will see short term downward movement.
The market forms a flag pattern which belongs to a continuation group of chart pattern. If the price breaks the upper line, the pattern will be confirmed. We'll get a signal confirming that the market is going to move higher. This signal is supports by DMI which is bullish and confirms trend market conditions.
Which variant will be realized? We'll see, our target now to keep an eye on the price action in this zone and follow the market.
I think the bulls are gaining momentum.
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