Bitcoin: $30 000 Stays the Main Target
In spite of the bullish candle in the daily chart, I wouldn't be so bullish. The market doesn't look strong from FA point and from TA we stay in the bearish trend.
I think the continuation of the downward movement is much more logical than a trend reversal.
We should be ready to see a pullback to 20MA / 50MA and $42 000. Reversal and false-breakout signals will be able to provide trade opportunities for shorting in the daily and hourly time frames. The main profit target stays $30 000.
I will switch from the bearish market into bullish as soon as the price moves above the resistance around $46 000. Is it possible??? Sure, it is possible and we have to consider this option in our trading plan as well. If we get a new swing low at the current levels, it will be higher than the previous one at $33 000. A breakout above $46 000 will give us a higher high. We will have a bullish structure. It will be possible to open new long positions using the bullish sentiment in our favor. But again, in order to succeed with long positions, the buyers have to show their strength. There must be fundamental factors supporting the upward movement. I don't see such bullish political and economic factors. That's why the continuation of the bearish trend is more logical from my point.
The current market conditions are good for day traders and maybe for swing traders who use close profit targets. The volatility market provides workable trade opportunities in both directions. But for position traders, the market is not so good. We are not at the bottom and it makes no sense to open long positions from the current levels. So, for position traders, it is better to stay away from the market.
P.S. It is not Financial Advice! I just share with you thoughts which I use in my own trading. I will be grateful if you support this post by your feedback! Thanks for your attention!
I think the continuation of the downward movement is much more logical than a trend reversal.
We should be ready to see a pullback to 20MA / 50MA and $42 000. Reversal and false-breakout signals will be able to provide trade opportunities for shorting in the daily and hourly time frames. The main profit target stays $30 000.
I will switch from the bearish market into bullish as soon as the price moves above the resistance around $46 000. Is it possible??? Sure, it is possible and we have to consider this option in our trading plan as well. If we get a new swing low at the current levels, it will be higher than the previous one at $33 000. A breakout above $46 000 will give us a higher high. We will have a bullish structure. It will be possible to open new long positions using the bullish sentiment in our favor. But again, in order to succeed with long positions, the buyers have to show their strength. There must be fundamental factors supporting the upward movement. I don't see such bullish political and economic factors. That's why the continuation of the bearish trend is more logical from my point.
The current market conditions are good for day traders and maybe for swing traders who use close profit targets. The volatility market provides workable trade opportunities in both directions. But for position traders, the market is not so good. We are not at the bottom and it makes no sense to open long positions from the current levels. So, for position traders, it is better to stay away from the market.
P.S. It is not Financial Advice! I just share with you thoughts which I use in my own trading. I will be grateful if you support this post by your feedback! Thanks for your attention!
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