Bitcoin - Up or Down? How to Trade

The market forms a double top chart pattern. It does not look like the perfect example, but it can be used as a reversal chart pattern. If the price drops below the local swing low, this chart pattern will be confirmed. The market will be able to move lower to support zones at SMA200 and 4800.00. These zones will be able to stop and reverse the market upward. But if the price can break the support line and level, we should expect the falling to the main support zone at 4000.00 level where the price will be able to bounce and give us reversal signals for buying.

Alternative variant: the price bounces from the local support levels or lines and moves above the double tops. It will confirm the strength of buyers. The market will be able to move higher and probably reach the strong resistance zone at 6000.00 level within this upward movement. This breakout won't be good for buying as from the higher timeframe the market has space for the falling to the important support zone at 4000.00 level.

For those, who don't understand why there are two variants for the market movements, why there are different market movements in different timeframe - my advice will be simple, please, learn the theory. Knowledge will give you an understanding of how markets move and how to get trading opportunities from such movements.

Comment:

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