The support zone between SMA200 and 8000.00 support level holds the market. In spite of the attempts to break this zone, the price could not stay below, and it gives us a possible buy opportunity. It does not mean that the market became bullish again. If in the long run it looks upward, in the medium term, the market can continue the falling. Even if the price bounces from the support zone and moves upward, the resistance zone between 9000.00 and the downtrend line will be able to stop buyers. The only breakout above this zone and moving above 10 000.00 level will allow us to think about the continuation of the uptrend.
RSI confirms the price reversal from the support zone. MACD histogram confirms the bouncing and upward movement. These signals can be used for opening buy trades above 8500.00 with stop orders below 7700.00 as it is the local swing low. The main profit target should be at the downtrend line.
If we talk about buying based on the current signals and the market condition, we have to talk about risk trading. The market also can drop below the local swing low and continue falling. The risk reward ratio is not so good as it could be. That's why we should think about opening long positions.
If we talk about long term trading and holding Bitcoin for many months and years, the price reversal from the 8000.00 can be used too. But only if you build long term positions and use the proper risk and money management.
I shared with you my ideas about the further market movement and how to trade. My understanding is based on Technical Analysis. But don't forget that fundamental factors also can add something, which will change the whole picture and we will get new signals and new trading opportunities.
Come on, honestly your analysis doesn’t mean anything, many times BTC raised volume very fast and price pumped , it’s not an argument, the example is also nothing, how you can compare BTC with altcoins. I’m not saying that price is going up, I’m talking about your arguments and facts it’s can confusing people
DLavrov
⋅
@YusufGhairat, I describe signals from indicators and the price action. How they can confuse people if they help to understand what is going on with the market and in which direction it can move?
Also, Bitcoin can be compared with Altcoins, why not? They belong to the same market. Bitcoin is the main coin, Altcoins should be compared. It is normal.
Your approach, if you believe only I'm pumps, won't allow you to trade in profit. Pumps/dumps don't give any signals for trading, they don't show the true value of the asset. So, for what we need to use this approach?
Anpu
⋅
Good analysis!
This is my idea on BTC for short term, would be interesting to know your opinion
It's headed back up to channel resistance at 10250. Normal market movements.
DLavrov
⋅
@aconcept, we have a descending price channel. Where you cam see the upper line of the channel at 10250. Please share your chart. Let's make it clear.
Thanks for you feedback!