The price moved back in the borders of the descending price channel and stopped at 8000.00 round number level. This support zone and the price action in this zone will be able to tell us more about the further market movements.
As usual, we have two possible directions which must be interesting for us.
The bearish direction will be possible if the price breaks the support zone formed by 8000.00 and 7750.00 levels. If so, the price will move from the mainline of the price channel, and the market will have enough space for the downward movement. The main target for bears will be 6000.00 support, which played as the 1st bottom in the past. This zone will be able to provide interesting buy opportunities. As for opening short trades based on the breakout, it will depend on your trading plan. I don't short in crypto markets.
The bullish direction will be based on a reversal signal from 8000.00 and a breakout from the price channel. Such a price movement will provide us a buy opportunity with targets at 9000.00 and 10 000.00 resistance. The breakout signal should be used for opening medium and long term trades. Stop orders have to be placed below local swing lows.
What about sideways movement? Yes, it is possible too, and it could be the 3rd variant. But the sideways movement won't provide us interesting trading opportunities, and that's why I would like to ignore this variant. But if the market moves like this, we will talk about it with more details.
And what do you think about the further direction forf Bitcoin in 2019? Please, share your thoughts in the comments.
As usual, we have two possible directions which must be interesting for us.
The bearish direction will be possible if the price breaks the support zone formed by 8000.00 and 7750.00 levels. If so, the price will move from the mainline of the price channel, and the market will have enough space for the downward movement. The main target for bears will be 6000.00 support, which played as the 1st bottom in the past. This zone will be able to provide interesting buy opportunities. As for opening short trades based on the breakout, it will depend on your trading plan. I don't short in crypto markets.
The bullish direction will be based on a reversal signal from 8000.00 and a breakout from the price channel. Such a price movement will provide us a buy opportunity with targets at 9000.00 and 10 000.00 resistance. The breakout signal should be used for opening medium and long term trades. Stop orders have to be placed below local swing lows.
What about sideways movement? Yes, it is possible too, and it could be the 3rd variant. But the sideways movement won't provide us interesting trading opportunities, and that's why I would like to ignore this variant. But if the market moves like this, we will talk about it with more details.
And what do you think about the further direction forf Bitcoin in 2019? Please, share your thoughts in the comments.
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