The price stayed above $20 000 during the weekend and we can consider it as a bullish sign. RSI and MACD support the bullish sentiment and the further market movement will depend on the Stock market and the main Indices.
I would consider 2 models, as usual.
Bullish Model We need to keep the price above $20 000. Any reversal and false breakout signals around this key support can be used for opening long positions in the hourly time frames. Stop orders must be placed below the local swing lows. The main profit target is 50MA and the downtrend line of the local price channel. It is the strong resistance. IF the price breaks it, the 2nd profit target should be around $28 000 and the upper line of the main price channel.
Bearish Model We need to see a breakout below $20 000 just to see the strength of the bears. This downward movement will be supported by the fundamental factors and a possible wish from the manipulator to cheat retail investors. The bears will have to update the daily swing low and it may give additional bearish pressure for the whole crypto market. It is possible to go short using the daily and hourly time frames. All short trades must have stop orders above the key swing highs. The main target for the bears will be $14 000 support. If they can reach it rather quickly and there won’t be enough activity from the bullish side, the next target may be $10 000 as a good round number level.
I would plan exact trades considering these models. And of course I would use the Multi Market analysis as now, the Stock market influences the crypto market a lot.
I have to remind you that the message above is not a Financial Advice. Just share with you my thoughts. I will be grateful if you support my work by smashing the LIKE button and a comment below. I read all comments and they are amazing)
Also, there is an interesting situation for Bitcoin in the weekly time frame. Just show me you interest, through the feedback, and I will write a post about the key signals from the weekly chart. Thank you!