If you still believe in Bitcoin, this market review can be interesting for you.
Let's look at the 4H chart in order to see the most important zones where the price action will show us further market movements.
The 1st zone, which we must take into consideration, is the resistance zone between 9250.00 and 9550.00 levels. The weekly downtrend line also makes this zone stronger. If the price can move above it, it will give a good bullish signal.
If the price reverses from the resistance, we will be able to see a downside move to the 2nd support zone formed by 8000.00 support and SMA200. Now, SMA100 acts as a support line, and you can see how it is holding the price. We will expect the same price action at SMA200.
The price reversal from SMA200 will give a buying opportunity.
If the price break SMA200 and 8000.00 support. It will give a bearish signal with targets at 7500.00, 7000.00, and 6000.00 levels.
The sideway movement in the borders 9500.00 and 8000.00 will mean nothing. It will be possible to buy from the support and exit at the resistance following the rules of trading in the range market conditions.
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.
Let's look at the 4H chart in order to see the most important zones where the price action will show us further market movements.
The 1st zone, which we must take into consideration, is the resistance zone between 9250.00 and 9550.00 levels. The weekly downtrend line also makes this zone stronger. If the price can move above it, it will give a good bullish signal.
If the price reverses from the resistance, we will be able to see a downside move to the 2nd support zone formed by 8000.00 support and SMA200. Now, SMA100 acts as a support line, and you can see how it is holding the price. We will expect the same price action at SMA200.
The price reversal from SMA200 will give a buying opportunity.
If the price break SMA200 and 8000.00 support. It will give a bearish signal with targets at 7500.00, 7000.00, and 6000.00 levels.
The sideway movement in the borders 9500.00 and 8000.00 will mean nothing. It will be possible to buy from the support and exit at the resistance following the rules of trading in the range market conditions.
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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But from my point of view, we should not rush because we can get the same false breakout like it was in the daily and weekly timeframes. The next question to the buyers is, will you be able to stay above the downtrend line during these several days? If yes, we will be able to get the weekly close price above the downtrend line and we will talk about a possible breakout. Without it, the price will be able to move below this trend line again.