Bitcoin: What You Should Know about Bitcoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The weekly chart gives a little bit different picture if we compare it with the daily and how we use the downtrend line there. The reason is, we should use different highs to draw the downtrend line in the weekly timeframe . Based on this version, the price is at the resistance line now, and we should focus on the price action in this zone as the weekly candle is active. The close price of the week will tell us more about further market movement.

The breakout will confirm the continuation of the uptrend after reversal from SMA100. It will be a solid bullish signal.

If we look at the indicators, we will see MACD supporting the upward movement. RSI does not provide us interesting signals. As for DMI, it does not confirm the strength of buyers or sellers. It tells us more about sideways movements.

Based on these signals, I think the price can try to break the downtrend. But don't be surprised if it is a false breakout. Buyers are not active, and there are no solid fundamental reasons to move upward. In spite of the potential which the market still has and the bullish trend based on the weekly chart, the price can bounce from the downtrend line and drops to SMA100 again. The price action in this zone will be important for future market movements. It will be very important to stay above the local swing low in order to develop an upward movement based on the previous reversal. If not, the market will have good chances to reach the support zone formed by SMA200 and 6000.00 support.

How to trade? If you are looking for long term trading, the breakout above the downtrend line will be a possible signal to open long positions. Stop orders should be placed below 6000.00 support. Of course, we can use this signal for investing the part of the money, but not the whole capital. The daily timeframe will be able to provide other trade opportunities, which also should be used for building a good portfolio.

What is your plan for long term trading? Share your ideas in comments, let's discuss.

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This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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Might be.. it’s hard to tell. I laughed reading some of these comments, from basement dwelling day traders who get mad when a chart is bearish but LOVE when a chart is bullish. Naive traders. Same ones that get trashed in a bear market

+3 Reply
DLavrov BankofEngland
@BankofEngland, I search for buy opportunities in crypto as I'm a long term trader here. But the bearish periods are better for me because they provide new buy opportunities.
+1 Reply
@DLavrov, - You’ll always get the hate, it’s human nature. I’m not sure if it’s jealousy or what, but everyone is quick to point out when someone is wrong.
Wow seems like a tight stoploss ya got there😂
+2 Reply
DLavrov DurgDurg23
@DurgDurg23, do you have better ideas where to place it using the weekly chart?
opening a long here is bad advice...this guy never gets it right
+2 Reply
@Wojak, really? Thanks for information)
but do you have the statistics to support your statement?
Based on the volume I guess we won't break upwards. The sentiment is too bullish and indicators are not backing that. Also MACD is based on moving averages which is a lagging indicator. Still it's a matter of probabilities but I think we are gonna get rejected.
+2 Reply
DLavrov darkpiggie
@darkpiggie, in spite of the bullish daily candle, I'm not sure that the market will continue the upward movement without a correction. But it is just my opinion. I can be wrong.
+2 Reply
darkpiggie DLavrov
@DLavrov, I agree with you, I think these are the tops for now. Let's see how it goes
+1 Reply
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