Bitcoin 0.20% what’s new these days? Yesterday we got a bearish candle which gave the signal for a turn, and understanding that the market will continue falling to the support area formed by the rising trendline and support level 7000.00 . DMI was bearish and confirmed a downward movement. But today we get a reversal from the zone level 7400.00 on lower time frames and new bullish candle which gives new information about the market.
Information is as follows: the market couldn’t convert the signal from a reversal candlestick pattern, which we received yesterday on the daily chart . The market is not moving lower and bounced from the local support on the lower timeframes and is likely to move higher. The market is unstable.
If the price breaks through the previous high level 7780,00, we have to be ready for further upside movement. If the price moves above the level of 8000.00, it would be a good confirmation for the bullish market.
Another thing is that we have to take into account. The market has formed a triangle chart, which can be a reversal or a continuation. Which option will be implemented, is to wait for a breakout. If the price breaks through the resistance line of the triangle, it will be a reversal pattern and we will get a good buy signal for the long term. If the price breaks through the support level, we should be ready to continue the downward movement.
Now you can trade from the lines of the triangle or to stay away from market and wait for a solid signal, further confirming market movements.