Bitcoin: The Market Looks Bearish with the Main Target at 4000
Here is the market review based on the 4H timeframe. The price broke the local uptrend line. It gave us a trend reversal signal. Buyers could not break the resistance zone, and this breakout became a good bearish signal. If the price drops below 6000.00, it will confirm the further downward movement. The main target for sellers should be at 4000.00 support.
If we want to buy, it will be better to wait for the upward movement above the resistance zone. Without it, we can't say that buyers are strong, and they control the market.
If we look at the indicators, we will get the following signals:
- DMI is bearish, and ADX line is moving upward. It tells us that sellers become more active
- RSI does not provide solid signals
- MACD lines support sellers and MACD histogram supports buyers.
The market looks more bearish than bullish if we talk about the short and medium term. We don't have solid bullish signals, and that's why it is better to stay away from trading or think about buying in the long run.
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 we want to buy, it will be better to wait for the upward movement above the resistance zone. Without it, we can't say that buyers are strong, and they control the market.
If we look at the indicators, we will get the following signals:
- DMI is bearish, and ADX line is moving upward. It tells us that sellers become more active
- RSI does not provide solid signals
- MACD lines support sellers and MACD histogram supports buyers.
The market looks more bearish than bullish if we talk about the short and medium term. We don't have solid bullish signals, and that's why it is better to stay away from trading or think about buying in the long run.
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.
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