Bitcoin: False Breakout Vs New Market High
The price tried to break the key resistance at 10 000.00 level. If the daily candle has the close price at the current levels, we will be able to talk about a reversal from the resistance. The market is going to give us a reversal candlestick pattern. RSI is going to confirm the price reversal. MACD lines and histogram will be able to give us solid bearish signals as well.
The market looks bearish if we talk about the daily chart. At the same time, the weekly timeframe supports the further upward movement. We need additional signals which will confirm the bullish or bearish movement.
If the price breaks the local swing high above 10 000.00, it will give a bullish signal confirming the further upward movement. If the price breaks the local uptrend line, it will be a bearish signal confirming the further downward movement to SMA200, SMA100, and the main uptrend line. I would like to open long positions following the reversal signals from these zones.
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.
The market looks bearish if we talk about the daily chart. At the same time, the weekly timeframe supports the further upward movement. We need additional signals which will confirm the bullish or bearish movement.
If the price breaks the local swing high above 10 000.00, it will give a bullish signal confirming the further upward movement. If the price breaks the local uptrend line, it will be a bearish signal confirming the further downward movement to SMA200, SMA100, and the main uptrend line. I would like to open long positions following the reversal signals from these zones.
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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