Bitcoin: Trading Plan for The Week

The crypto market doesn't want to move downward. But at the same time, we don't have enough bullish power to move upward.

As a result, the consolidation around the key levels.

Bitcoin moved back to the $22 527 support. If the bears can push the price below the support, we should be ready to see the downward movement toward $20 000. But looking at the price action around the support, I don't think they will succeed with this task at least now.

As for the continuation of the rally, we may try again. but who will pay for the bullish party?

The previous pump used short positions in combination with new traders' activity. They could push the price from the lows. But now we have to continue the rally and it requires much more effort.

So, I won't be surprised if the buyers fail again. They have to push the price above the local swing high. Do we have fundamental reasons supporting the rally? I don't think so.

But I consider that I can be wrong and maybe the news will add some bullish sentiment. If so, the nearest target for the buyers will be the $25 000 resistance.

Do you believe that this target will be reached? Or you stay in the bearish team?


How to Trade?
It's simple. We consider the market conditions and follow the market.

1. If the price stays in the price channel, it will be possible to trade between $22500 and $24 000 using reversal signals.

2. If the price moves below the support and there is bearish sentiment in the Stock and crypto markets, it will be logical to go short with the main target around $20 000.

3. If the price stays above the support and there is bullish support, it will be possible to go long with the targets around $25 000 and $28 000 levels.

I think, the market top is around $30 000.


So, my trading plan looks like that. As you see, I don't try to predict the future. I have the exact plan for the exact market movements. I follow the market and trade my plan.