Bitcoin - The Resistance Level and Possible Reversal

It's an update to my previous post based on the 1H timeframe. You can find it in the related ideas and get more details about the market and why we have to follow the price channel.

Now we have to note an important signal - the price reached 5300.00 resistance level which also is supported by the upper line of the channel.

RSI confirms the price reversal. MACD histogram supports a possible downward movement. DMI tells us about range market conditions. All these signals tell us about the bouncing from the resistance zone and moving down to the main line of the channel. Such movement will be logical.

At the same time, we should be ready to see a breakout, which can be also a false breakout, and an upward movement to the next resistance at 5500.00 level. But do you think that the market can do this now?

Share your ideas in comments, let's discuss!

Commentaire:

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