Bitcoin: Key Resistance Zone and Possible Market Movements
Let's look at the 4H chart in order to understand possible market movements during the next couple of days. The price stays below the resistance zone, which is still essential for the market. The breakout above this zone and SMA200 will confirm a further upward movement at least to 8000.00 level. SMA100 should support the price.
If the price breaks SMA100 and drops below 6000.00 and the local swing low, it will confirm a further downward movement. RSI is bearish, and it confirmed the price reversal from the resistance zone. MACD is bearish as well. The downward movement looks more logical.
DMI tells us about the range market conditions and a further sideways movement. It is the time of consolidation below the resistance zone. What will be after that? The market will start a movement, and it can be upward or downward. Just wait when the price passes through the signal lines and levels, which I described above.
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.
If the price breaks SMA100 and drops below 6000.00 and the local swing low, it will confirm a further downward movement. RSI is bearish, and it confirmed the price reversal from the resistance zone. MACD is bearish as well. The downward movement looks more logical.
DMI tells us about the range market conditions and a further sideways movement. It is the time of consolidation below the resistance zone. What will be after that? The market will start a movement, and it can be upward or downward. Just wait when the price passes through the signal lines and levels, which I described above.
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.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.