Bitcoin 2.71% is going to start a new uptrend. Maybe this time he will be able to develop stable price movement and reach previous highs. This is true for several reasons. Let’s start with the fact that the price did not manage to return to the borders of the descending channel, and we obtained a reversal of the price level of 8000.00. The market has formed a new swing low that is higher than the previous. It tells us about the beginning of a new uptrend. To confirm trending market conditions, the price must break the previous swing high at the level of 12000.00. But a move above 10000.00 would be a positive signal for owners and buyers. A new trendline will support the market if it moves higher.
Now let’s look at performance. Bullish and RSI is far from overbought. MACD supports uptrend. DMI bearish, but ADX line falls, and this tells us that the bears are not as strong now.
Based on the information the market is giving now, we can assume that Bitcoin 2.71% is the beginning of a new uptrend. We need to closely monitor the price action in the zones at levels 10000.00 and 12000.00 and be ready to join the upward trend on the basis of the signals.