Bitcoin - When the Price Move Back to 9000.00 Resistance?

The signals from the daily timeframe you can find in the post from the related ideas. Now, it's time to look at the lower timeframe. If you look at the 4H chart you will see the signals supporting the downward movement more than the breakout above 9000.00 with the further upward movement. At the same time, we have to be ready to see this upward movement as the market can be unpredictable sometimes.

Like on the daily chart, the 4H timeframe also provides us a trend reversal signal based on a bearish divergence. And we can see the falling after bouncing from 9000.00 resistance level. If we could talk about this timeframe only, we would say that the price was corrected and the market is ready to continue the upward movement. But we have to follow the daily timeframe and based on it, the market still must be corrected.

Now the price bounces from the support zone formed by SMA100 and 8000.00 support level. RSI confirms the price reversal and MACD histogram is ready to support a possible upward movement. Probably, we will see a new attempt to reach 9000.00 level. This reversal signal can be used for short term buying - but the risk is too high as the market can follow the signals from the higher timeframe and start the downward movement any time.

If the price breaks this support zone, the next target for sellers should be 7000.00 support level. If the price bounces from that zone, a reversal signal can be used for buying with stops below the local swing low and profit targets at 9000.00 and 10 000.00 levels, if we talk about the medium term trading.

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