Bitcoin: Bullish Setup but 14 000$ Is Possible Target for Bears
I want to believe that you were not surprised by the downward movement below 18 000$. We talked about possible market movements in the previous posts. So the price reversal from 20 000$ and a correction toward 16 000$ and 14 000$ were included in our trading plan.
The price broke the local support 18 500$ and reached 17 650$. After that, we got a pullback, and the price moved above 18 000$. If you look at the 4H timeframe, you will see the reason why the price bounced from 17 650$. It is SMA200, which could stop and reverse the downward movement. If we talk about market conditions using SMA200 as the main trend line, we still have the bullish trend, and we can expect a new attempt to reach and break 20 000$ resistance. The price reversal from SMA200 gave buying opportunities as well. RSI and MACD confirmed the price reversal, and we have the workable bullish setup.
But for me, the market looks stays neutral or maybe even bearish if we talk about the time horizon within several weeks.
I think we reach 16 000$ or even 14 000$ before a new upward movement toward 20 000$ and above this resistance. Of course, you shouldn't take my words like 100% true. I can be wrong, and it is okay! But it will be good if you take into consideration such a bearish model. If you want to buy, you can do it. But use stop and proper money management. Also, you shouldn't be surprised if the price reaches 14 000$ as well.
The market can do everything!
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 broke the local support 18 500$ and reached 17 650$. After that, we got a pullback, and the price moved above 18 000$. If you look at the 4H timeframe, you will see the reason why the price bounced from 17 650$. It is SMA200, which could stop and reverse the downward movement. If we talk about market conditions using SMA200 as the main trend line, we still have the bullish trend, and we can expect a new attempt to reach and break 20 000$ resistance. The price reversal from SMA200 gave buying opportunities as well. RSI and MACD confirmed the price reversal, and we have the workable bullish setup.
But for me, the market looks stays neutral or maybe even bearish if we talk about the time horizon within several weeks.
I think we reach 16 000$ or even 14 000$ before a new upward movement toward 20 000$ and above this resistance. Of course, you shouldn't take my words like 100% true. I can be wrong, and it is okay! But it will be good if you take into consideration such a bearish model. If you want to buy, you can do it. But use stop and proper money management. Also, you shouldn't be surprised if the price reaches 14 000$ as well.
The market can do everything!
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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