DLavrov
Long

Bitcoin - Key Resistance and Important Breakout

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The price slides sideways at 4000.00 resistance level . We can see 3 attempts to break this level which were not successful and now there is the 4th attempt. Will the market move above this resistance?
If we look at the indicators, we can get the following signals.

Ichimoku indicator tells us about the bullish trend . It means if the market continues the trend movement, the resistance level should be broken. But at the same time, DMI indicator confirms range market conditions. ADX line moves below the signal level, and it gives a signal that the market does not have power for strong price movements. Buyers and sellers are not so active to push the price upward or downward. Thus, the sideways movements at the resistance level with false breakouts, it can become a reality for several days or maybe weeks.

But if the market gets support from outside, any news or other factors which can increase the demand, the price will be able to move upward and break 4000.00 level. If so, the market will confirm that it's going to climb higher and 4200.00 level will become a new target. It will be possible to use this breakout for opening short term long trades. With stops below the local swing low and profit targets likes 4200.00 and 4500.00 resistance levels. If DMI becomes bullish and ADX line starts an upward movement, these signals will be good confirmation for the breakout.
Comment: The price could not break the resistance zone. After an attempt to move above 4000.00 level, we got a reversal with the falling to the local uptrend line. Price action in this zone will show further market movements. For confirmation a trend reversal, the price will have to drop below the cloud.
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EMAS holding up well
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After that pull back it is again on support levels which should be good for short term traders to buy. We would like however to share a much longer term study, which indicates how Bitcoin's price is achieving price stability. Would love to read your opinion on this Dmitriy:

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None of this will matter 3-5 years from now. It's like having money in a savings account, except that the return will be much greater than the banks give. It's just a matter of being patient. Whales will eventually get flushed out. Early Hodlers are likely to be winners in the end.
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Never long a resistance never sell a support. Basic rules...
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jandittme JonnyM92
@JonnyM92, Ah, so holding onto BTC at the 6k support was a good decision. Good then :)
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JonnyM92 jandittme
@jandittme, yes... you should have sold your btc after it closed the first weekly under 6k. Price was about 5.5k :)
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Let's see how it behaves when price hit the bottom of the pattern.
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The price is going nowhere positive.
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Bitcoin dropped like a rock. We exited right at the top with 15% removal and are now in a short. Best of luck everyone.

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Good one. Today BTC bounced from this red line. We need to watch this in upcoming days.
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