What is new in BTCUSD market?
Let's look at the 4H and try to predict the further market movement.
The price bounced from the daily downtrend line and 6900.00 support level. We can say that it is a new support zone for the market, but I don't think it is solid and that we will have to take it into consideration in the future. For us, 6500.00 and 6000.00 support levels stay the most important, and we will use them for opening long positions based on reversal signals.
If we draw a line connecting the previous swing highs, we will get a local downtrend line. We should use it as a signal line. If the price breaks it, it will confirm the further upward movement. It will be possible to open buy trades based on the breakout signal. But the question is, do buyers have the power to push the market upward?
Moving Averages are close to each other, and it tells us about the range market. The same goes about DMI where ADX line is below 20.
RSI is going to confirm the price reversal from the downtrend line and 7400.00 level. MACD histogram supports the reversal. If so, the price can easily move back to 7000.00 and try to break the nearest support zone at 6900.00 level. The reversal signal from this zone will be possible to use for buying, but only if you like risky trades and short term trading in crypto markets. I'm not a fan of short term trading in very manipulated markets, that's why I would like to search for buy opportunities for medium and long term trading.
The reversals from 6500.00, 6000.00 will provide such buy opportunities. The same goes about the breakout above the downtrend line and 7500.00 level. For all long trades, I use stop orders below 6000.00 support, which is the solid bottom.
If you have something to add, please, share in comments. I will be grateful for your feedback!
If you think this post makes sense, please support it by clicking LIKE button. Thank you!
Let's look at the 4H and try to predict the further market movement.
The price bounced from the daily downtrend line and 6900.00 support level. We can say that it is a new support zone for the market, but I don't think it is solid and that we will have to take it into consideration in the future. For us, 6500.00 and 6000.00 support levels stay the most important, and we will use them for opening long positions based on reversal signals.
If we draw a line connecting the previous swing highs, we will get a local downtrend line. We should use it as a signal line. If the price breaks it, it will confirm the further upward movement. It will be possible to open buy trades based on the breakout signal. But the question is, do buyers have the power to push the market upward?
Moving Averages are close to each other, and it tells us about the range market. The same goes about DMI where ADX line is below 20.
RSI is going to confirm the price reversal from the downtrend line and 7400.00 level. MACD histogram supports the reversal. If so, the price can easily move back to 7000.00 and try to break the nearest support zone at 6900.00 level. The reversal signal from this zone will be possible to use for buying, but only if you like risky trades and short term trading in crypto markets. I'm not a fan of short term trading in very manipulated markets, that's why I would like to search for buy opportunities for medium and long term trading.
The reversals from 6500.00, 6000.00 will provide such buy opportunities. The same goes about the breakout above the downtrend line and 7500.00 level. For all long trades, I use stop orders below 6000.00 support, which is the solid bottom.
If you have something to add, please, share in comments. I will be grateful for your feedback!
If you think this post makes sense, please support it by clicking LIKE button. Thank you!
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