Bitcoin Daily Chart
The price moved below the daily uptrend line. If the close price of the daily candle is below it = we will have a breakout. It will give us a bearish signal.
We should be ready to see the further downward movement to $36 000 - the weekly uptrend line.
RSI and MACD are supporting the bearish direction.
If we get a reversal / false breakout, it will be a bullish signal with an attempt to move above MAs and $42 000.
The crypto market will show the strength and wish to continue the uptrend.
How to trade?
- I would use the reversal / false breakout signals around the uptrend line to open long positions with stop orders below the local swing low.
- If the price reaches $36 000 and provide the same bullish setups, it will be possible to use them as well to open long positions. Stop orders have to be placed below the local swing low.
- If the price breaks the weekly uptrend line, we should be ready to see the downward movement to $30 000. The same reversal and false breakout setups will be used for buying.
Don't forget that I share my thoughts about possible market movements and ideas how to plan trades. It doesn't mean that I advice you to do the same.
I'm not a financial advisor. Do your own research!
And don't forget about proper risk and money management. It is the basis of profitable trading.
P.S. Please, subscribe to my page in order not to miss new posts. There will be interesting topics. And I will be grateful if you support my work by smashing the LIKE button below this post.
Thank you!
We should be ready to see the further downward movement to $36 000 - the weekly uptrend line.
RSI and MACD are supporting the bearish direction.
If we get a reversal / false breakout, it will be a bullish signal with an attempt to move above MAs and $42 000.
The crypto market will show the strength and wish to continue the uptrend.
How to trade?
- I would use the reversal / false breakout signals around the uptrend line to open long positions with stop orders below the local swing low.
- If the price reaches $36 000 and provide the same bullish setups, it will be possible to use them as well to open long positions. Stop orders have to be placed below the local swing low.
- If the price breaks the weekly uptrend line, we should be ready to see the downward movement to $30 000. The same reversal and false breakout setups will be used for buying.
Don't forget that I share my thoughts about possible market movements and ideas how to plan trades. It doesn't mean that I advice you to do the same.
I'm not a financial advisor. Do your own research!
And don't forget about proper risk and money management. It is the basis of profitable trading.
P.S. Please, subscribe to my page in order not to miss new posts. There will be interesting topics. And I will be grateful if you support my work by smashing the LIKE button below this post.
Thank you!
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