Bitcoin: Price Action at 11 000$ Resistance. What's Next?

The price couldn't break 11 000$ resistance with the 1st attempt. If we look at the 4H timeframe, we will see that SMA20 acting as a support line. The price reversal from this zone will give us the 2nd attempt to pass through the resistance zone between 11 000$ and SMA200. If that attempt is successful, it will give us a new buying opportunity with the entry point above SMA200 and stop orders below the local swing low. The nearest profit target will be 12 000$ and the 2nd target can be 12 500$ resistance.

If the price bounces from the resistance zone, we should be ready to see a downward movement toward SMA50. The breakout below this support line will open the road toward 10 000$ support.



Disclaimer!
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.