The market is showing bearish momentum after breaking through of uptrend line. The price is entering in to major support zone and this an ideal zone for reversal.
When SMA50 is crossing above SMA100 this is good signal but it's important to wait until the daily SMA50 crosses above SMA100 which is giving extra confident that the uptrend is very strong and it's likely continue moving further up.
If the price continues moving further down, it's important to test these SMA lines before showing which direction it will take. These lines has acted as support levels in the past so it's important to see if they can hold.
Daily pivot level + 0.382 fib is another point to watch for reversal and then we have 0.5 fib which is close to MA100 level.
Also remember that the bitcoin has to take down $9,000 level before able to push higher.
I'm still bullish on bitcoin in the longer term and it's very healthy to have minor pullbacks so that the market can push higher.
Right now this market requires patience and it's mandatory that charts work for you and not other way around!
Things to Remember
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
When SMA50 is crossing above SMA100 this is good signal but it's important to wait until the daily SMA50 crosses above SMA100 which is giving extra confident that the uptrend is very strong and it's likely continue moving further up.
If the price continues moving further down, it's important to test these SMA lines before showing which direction it will take. These lines has acted as support levels in the past so it's important to see if they can hold.
Daily pivot level + 0.382 fib is another point to watch for reversal and then we have 0.5 fib which is close to MA100 level.
Also remember that the bitcoin has to take down $9,000 level before able to push higher.
I'm still bullish on bitcoin in the longer term and it's very healthy to have minor pullbacks so that the market can push higher.
Right now this market requires patience and it's mandatory that charts work for you and not other way around!
Things to Remember
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
