The daily chart of Bitcoin -4.00% . the worth reached SMA50 that could be a potential reversal line. we will see a retracement and doubtless the market goes to bounce from this MA and drops lows. If so, we must always be able to see the downward movement to the support zone between 7500.00 and 7000.00 shaped by the support levels and therefore the uptrend line from the hourly time-frame. The market created an honest upward movement from the 6500.00 level and it ought to be corrected.
If we glance at the indications, we’ll see following:
RSI reverses within the overbought zone and it provides U.S. a pessimistic signal
MACD bar graph goes to support the downward movement and it'll provide U.S. a pessimistic signal
MACD lines support the upward movement within the term a minimum of
DMI is optimistic however ADX line falls and that we mustn't expect any robust value movements.
For confirmation the facility of bulls and more upward movement the worth can ought to break the high of the previous optimistic candle and move higher than SMA50.
Conclusion: the market will come by short term to the support zone between 7500.00 and 7000.00 levels. This zone is very robust and it'll be ready to stop and reverse the worth. except for continuation the downward movement the market can want strong fundamental support.
