Bitcoin: The Descending Channel and New Uptrend
Let's look at the 4H chart. The market formed a descending price channel. Now the price is at the support zone formed by SMA200 and the bottom line of the price channel. RSI confirmed the price reversal. The same goes for MACD histogram.
The price will be able to keep downward movement in the borders of the price channel. The targets at 9000.00 and 8000.00 still are workable. We have a local bearish trend. If we want to talk about a trend reversal, the price will have to break the upper line of the descending price channel.
When will it be? How will it be? Share your ideas in comments.
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 price will be able to keep downward movement in the borders of the price channel. The targets at 9000.00 and 8000.00 still are workable. We have a local bearish trend. If we want to talk about a trend reversal, the price will have to break the upper line of the descending price channel.
When will it be? How will it be? Share your ideas in comments.
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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