Bitcoin: Market Overview and When to Buy

Let's look at the daily timeframe and try to plan our trading at the beginning of 2020.

The price stays above the key support zone formed by 6500.00 and 6000.00 support levels. At the same time, we have bullish divergence as a trend reversal signal and the breakout above the main downtrend line. These signals gave us a buy opportunity and confirmed the trend reversal.

What's next?
DMI tells us that buyers and sellers are not active now. ADX line is below 20 and moves sideways. Bollinger Bands are narrow, and it confirms the further range market conditions.
RSI gives a bearish signal as well as MACD histogram. But MACD lines show a possible upward movement.

If the price continues the sideways movement between 7350.00 and 6500.00-6000.00, don't be surprised. It will be a logical market movement in the holiday period with low activity.

As for trading opportunities, the market can give us based on a reversal from the support zone and a breakout above the local downtrend line.


P.S. Happy New Year!