DLavrov
Long

Bitcoin 10000 Key Resistance Level

POLONIEX:BTCUSDT   Bitcoin / Tether USD
We had a bullish divergence , a price reversal from 6500.00 level and a good upward movement with breaking above SMA100. Now the price is at the strong psychological 10000.00 level. The price action in this zone will show furter market movements. The breakout above this key level will give a good confirmation for further upward movement to the previous highs at 12000.00 and 17000.00 levels. It will support the buyers and give us opportunity to open buy trades for long run. MACD supports the upward movement. DMI is bullish and ADX line rises confirming trend market conditions and the strength of the price movement. Buy trades can be opened based on a breakout signal above 10000.00 key level or after a correction based on a reversal signal.

Alternative variant: the price can reverse from 10000.00 and move lower. But probably it will be a short term falling up to a support zone formed by SMA50, Fib 0.50 and 8000.00 levels. It will give a new buy opportunity based on a reversal signal.
Comment: The price could not break 10000.00 resistance level and we saw a downward movement to the support zone. Now we have to follow the alternative variant. Keep an eye on the price action in this zone. If we get a confirmed reversal signal, it will be a good buy opportunity.
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what would be a confirmed reversal signal?
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@Asterix, Breaking and holding above the downtrend line.
+1 Reply
@DLavrov I noticed you are using the RSI indicator with length 8. Pls explain brief why and how to adjust it.
Reply
justsomeguy breitdom
@breitdom, RSI length corresponds to how much smoothing the indicator gets. Too low of a number and every little movement will cause it to jump. You'll lose the useful data in all the noise. Too high of a number and it'll be sluggish and slow to react, and you'll miss out on changes. Standard practice is 14. Presumably @DLavrov (correct me if I'm wrong here!) wants to see the longer term progression while still quickly being aware when a new trend develops.

As far as how to change it on TV? Just like any other indicator: Click the gear icon by it.
+1 Reply
CME wont let it go above 10k ,live with it,they controlled they whole market with btc
Reply
Jour afreet77
@afreet77, who is CME
Reply
@Jour, CME and Cobe ,American group for future contracts ,its my personal opinin at the end bro,but look all coins should be paired with fiat or we all remain down with useless btc with its useless tech,i dont trade btc but i was forced to check price and u know why
+1 Reply
Jour afreet77
@afreet77, THX,understand
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@Jour, Welcome and careful
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@DLavrov could you update the market?
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