At the moment the Bitcoin price is located very close to the strong resistance level - $10000. But the most interesting thing about this level is that it can transform into a mirror level. Thus, when the price breaks through the one and fix above, we can see another upward wave to the $10350 level, from where will be formed a new horizontal consolidation channel.
If the resistance will be strong enough to keep the price below and the price goes down - the first stop will be located in the $8500 - $8800 area. From the other hand, the bottom of the current downward movement is located at the end of the wave 1-5, which means that now we should expect ABC correctional waves. But we know Bitcoin market and know how it works, we more likely, will see the downward spike or a double bottom, before the price will return and go upward.
On the oscillators we can only see a bullish convergence which has already worked out. For the Strongest upward movement we have to see stronger bullish signs from the market: volumes, reversal pattern, oversold, whatever. In any case, currently we don't have enough reasons to open LONG position. We can open a LONG position only in case both resistances mentioned on the chart will be broken and the price will take hold above ones. Until it happened - priority is SHORT.
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If the resistance will be strong enough to keep the price below and the price goes down - the first stop will be located in the $8500 - $8800 area. From the other hand, the bottom of the current downward movement is located at the end of the wave 1-5, which means that now we should expect ABC correctional waves. But we know Bitcoin market and know how it works, we more likely, will see the downward spike or a double bottom, before the price will return and go upward.
On the oscillators we can only see a bullish convergence which has already worked out. For the Strongest upward movement we have to see stronger bullish signs from the market: volumes, reversal pattern, oversold, whatever. In any case, currently we don't have enough reasons to open LONG position. We can open a LONG position only in case both resistances mentioned on the chart will be broken and the price will take hold above ones. Until it happened - priority is SHORT.
If you found this idea interesting, do not forget to Like it and subscribe to the profile, so as not to miss our updates!
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The next resistance is located in the $10800 - $11050 range, exactly from this level we can see correctional movements in the zone of the newly formed support - $10000 - $10300. Want to remind you that the trend was changed into an upward, so you can confidently open LONG positions in the support zone. In case the $10000 level will be broken - the trend will be changed back to the downward, so you know where to put SL.