Bitcoin: 16 000$ As Key Support and How to Trade
Watch for the price action at 16 000$ support.
If the price bounces from the support, it will be possible to open a short term long positions with the profit targets at 16 500$ and 17 000$. For buying, it will be better to use the exact reversal setups in the 15m, 30m, and 1H timeframes.
If the price breaks the support and moves below SMA50, it will be a bearish signal. If the daily chart gives us a reversal setup, we should be ready to see a downward movement toward 14 000$ support.
If we look at the 4H chart, RSI and MACD histogram are bearish and support a further downward movement. Probably MACD lines will give us a solid trend reversal signal based on a bearish divergence.
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.
If the price bounces from the support, it will be possible to open a short term long positions with the profit targets at 16 500$ and 17 000$. For buying, it will be better to use the exact reversal setups in the 15m, 30m, and 1H timeframes.
If the price breaks the support and moves below SMA50, it will be a bearish signal. If the daily chart gives us a reversal setup, we should be ready to see a downward movement toward 14 000$ support.
If we look at the 4H chart, RSI and MACD histogram are bearish and support a further downward movement. Probably MACD lines will give us a solid trend reversal signal based on a bearish divergence.
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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