Bitcoin: New Attempt to Break 11 000$ Resistance

I draw your attention that the price tries to break 11 000$ resistance zone again and again. We will be able to see the 6th attempt. The price moved above SMA200 and it is a good bullish signal. Using the local swing low we can draw a new uptrend line which we will use as a signal line in combination with the price action. MACD is bullish and supports the upward movement. If the buyers have the power to break 11 000$ resistance zone this time, it will be a buying opportunity. stop orders should be placed below the local swing low and profit targets at the key resistance.

If the price breaks the local uptrend line and moves below SMAs, it will be a bearish signal. Probably we will see a new attempt to reach 10 000$ support.
Without fundamental factors and with weak buyers and sellers, the market will be able to continue the sideways movement between 11 000$ resistance and 10 000$ support. If so, we will use the rules for trading in range market conditions.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.

Comment:

The price bounced from the resistance zone and broke the uptrend line. It is a bearish signal. We should be ready to see a downward movement toward 10 000$ support.

It is a good example of why it makes sense to wait for a breakout above the important resistance zone. Those who bought below the resistance, expecting a new upward movement, they had to close their long positions by stop.

We don't have positions and wait for new trade opportunities.