I wrote about Bitcoin based on the daily chart in the previous post. You can find it in the related ideas. The situation is the same, and it is possible to follow that post as well.
Today, let's looks at the market using the price action from the 4H timeframe. It will allow us to understand better what is going on right now.
The price is consolidating right now. We can talk about a horizontal price channel, but I would like to draw a triangle. Both patterns belong to consolidation patterns. The price could not break the key downtrend line but at the same time the sellers were not so strong in order to push the market downside. It is a signal.
The market does not look strong now for the breakout above the downtrend line. At the same time, sellers are not in control of the price. That's why I don't see any reasons to think about a downside movement below the uptrend line and SMA200. The zone between these lines and 8000.00USD looks like a reachable target for sellers if they break the triangle. But if the buyers break the triangle, we will see a new attempt to move above the key downtrend line.
From my point of view, the downside movement to SMA100, SMA200, a further reversal, and a new attempt to move above the downtrend line - it looks like the main plan for trading. Long positions can be opened in the direction of the uptrend using reversal signals from the support zone. The 1st target is the downtrend line. Stop orders must be placed below the local swing low and SMA200.
How will the market move in reality? We will see as every new candle can change the whole picture and this plan also should be updated.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
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.
Today, let's looks at the market using the price action from the 4H timeframe. It will allow us to understand better what is going on right now.
The price is consolidating right now. We can talk about a horizontal price channel, but I would like to draw a triangle. Both patterns belong to consolidation patterns. The price could not break the key downtrend line but at the same time the sellers were not so strong in order to push the market downside. It is a signal.
The market does not look strong now for the breakout above the downtrend line. At the same time, sellers are not in control of the price. That's why I don't see any reasons to think about a downside movement below the uptrend line and SMA200. The zone between these lines and 8000.00USD looks like a reachable target for sellers if they break the triangle. But if the buyers break the triangle, we will see a new attempt to move above the key downtrend line.
From my point of view, the downside movement to SMA100, SMA200, a further reversal, and a new attempt to move above the downtrend line - it looks like the main plan for trading. Long positions can be opened in the direction of the uptrend using reversal signals from the support zone. The 1st target is the downtrend line. Stop orders must be placed below the local swing low and SMA200.
How will the market move in reality? We will see as every new candle can change the whole picture and this plan also should be updated.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
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.
Bình luận:
The price is breaking the upper line of the triangle chart pattern. If it is not a false breakout, we will see an upside move to the daily downtrend line.
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