The price reached the daily uptrend line. If we look at the 4H chart, we will see the price reversal. The market is going to move upside with the main target at 10 000USD.
RSI confirmed the price reversal as well as MACD histogram. It gives us a possible buy signal with stop orders below the local swing low and the main profit target at the resistance zone. The breakout above 10 000USD will give a good bullish signal for the whole crypto market.
If the buyers can't develop the upside movement, the market will be able to move back to the daily uptrend line and try to break it. The successful breakout below the trend line and SMA200, will open the road to 8000USD and 6000USD.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
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.
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Now SMA200 plays a very important role. If it can hold the price, it will be possible to think about a reversal with the further upside movement. If the price breaks SMA200, it will push the price to 8000USD.
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The market gave us a new swing low below SMA200. If the buyers can't push the price above SMA200, we will be able to see 8000USD very soon.
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The buyers should break this downtrend line in order to continue an upside movement. The sellers should break the local swing low at 8600USd in order to continue a downside movement.
1. Picture of a male author
2. Speaks English well
3. Actual technical analysis
4. Doesn't flood his own comment section with fragmented sentences
5. No bot army posting senseless nonsense
6. Doesn't post every <2 days
7. Actually called a target
How did Tradingview allow this idea to make the front page?
Kidding aside good job. $9900 - $10,500 is a key resistance / selloff zone and both you and I identified the reversal at $8900 - 9000. I'd add that if volume doesn't pick up this is likely to hit the target then drop below the ~$9000 trendline.
DLavrov
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@Regera, do you want to talk about it? Let's do it)
Levan
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Nothing goes up all the time even BTC
Bannedhammr
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@Levan, no thats the point though. btc more than anything pulls back consistently and there is EASY money to be made putting in buy orders to catch those spikes down.
cd_kagaya
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@charvey63, good bounce of btc, very special
triquista
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Very good eye to have such awesome analysis. Here's my chart too to show how the next bullish momentum starts after we close above $10300 on the weekly. Cheers.
the price is still within the uptrend. But at any moment, a U-turn can occur from an important zone.