Bitcoin Daily Review
Markets Conditions:
The market is in the bearish trend. The price bounced from 50MA and it is a bearish signal in the direction of the main trend.
Valuable Areas:
$21850, 20MA and 50MA as resistance
$20 000, the counter trend line, $17567 as support.
Trade Opportunities:
The market is under the bearish pressure. It makes sense to search for trade opportunities to go short using lower time frames.
For this, the price has to move back to local resistance levels and lines. Also, the market will be able to provide interesting trade opportunities if the price moves below $20 000 support.
Any bullish setups from $20 000 and the daily counter trend line may provide interesting trade opportunities for buying. The same goes for a breakout above the daily 50MA and the local swing high.
Day traders may search for trade opportunities in both directions. For this, it makes sense to use hourly support and resistance areas and the price action around them. As the market shows us the bearish sentiment, short trades will have more potential and the support from the daily time frame.
The market is in the bearish trend. The price bounced from 50MA and it is a bearish signal in the direction of the main trend.
Valuable Areas:
$21850, 20MA and 50MA as resistance
$20 000, the counter trend line, $17567 as support.
Trade Opportunities:
The market is under the bearish pressure. It makes sense to search for trade opportunities to go short using lower time frames.
For this, the price has to move back to local resistance levels and lines. Also, the market will be able to provide interesting trade opportunities if the price moves below $20 000 support.
Any bullish setups from $20 000 and the daily counter trend line may provide interesting trade opportunities for buying. The same goes for a breakout above the daily 50MA and the local swing high.
Day traders may search for trade opportunities in both directions. For this, it makes sense to use hourly support and resistance areas and the price action around them. As the market shows us the bearish sentiment, short trades will have more potential and the support from the daily time frame.
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