2019-12-08 2017-09-26 Bitcoin has reversed the downtrend Vadique Magenta 2019-12-082017-09-26

As it was expected, yesterday 23-day downtrend was reversed. The probability materialized. In the daily chart we still see the price fixing above level 3600 where there are three daily dodge candlesticks which indicate equilibrium. No prizes for guessing, if the price is above this equilibrium, buyers hold the advantage. According today's results, buyers can be considered successful, the price closes above level 3750 and there isn't an overlapping of the previous candlestick.

In H4 chart the trend reversal is more clearly seen with large volumes. The only danger for buyers now is the possible old trend retest from above.

Looking more attentively, in H1 chart we will see good supports, where the price can descend without the growth scenario canceling. The first support is in the are of 3800, two signals indicated it (38.2 % Fibonacci numbers and the upper border of 70% of market profile distribution) the second support is in the area of 3680 which is also indicated by two signals (61.8% Fibonacci numbers and the highest level of accumulation in the current figure).

The nearest increasing targets (they are also resistances) remain unchanged, and we will patiently wait for their reaching, following the price movements in the trend. The first target in the range of 4200-4300, the second one in the zone of historical highs 4800-5000, and there is also the third, global target which will be reached in the range of 6000-6200. For all of those who will be patient and cool, it is a good profit gifted by the market!

I wish you successful trading!

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