On the daily chart at the moment the bitcoin has returned bearish. The efficiency ratio of the Kama indicator has exceeded 0.30 which is the threshold that separates a flat market from a trending one.
At the moment we are at 0.47 and this confirms the bearish movement in place. Usually when the efficiency ratio reaches 0.7 and sometimes 0.8 the market top or bottom is close. I remind you that the efficiency ratio does not give any kind of directionality of the market but only the intensity of the movement.
The first strong long term support level is around 6500$, this support is obtained using my bitcoin price model v1.1 indicator. The fairprice line is close to 5000$.
At the moment we are at 0.47 and this confirms the bearish movement in place. Usually when the efficiency ratio reaches 0.7 and sometimes 0.8 the market top or bottom is close. I remind you that the efficiency ratio does not give any kind of directionality of the market but only the intensity of the movement.
The first strong long term support level is around 6500$, this support is obtained using my bitcoin price model v1.1 indicator. The fairprice line is close to 5000$.