Bitcoin: Important Message for Crypto Traders
It is a very important post for those who trade altcoins and think about opening new long positions. In previous posts, I wrote about possible buying opportunities for different altcoins because the markets look interesting for buying. We have the exact support zones and bullish signals, which support buying. At the same time, it means nothing if Bitcoin breaks 9000USD support and continue the downward movement.
The altcoins will break their key support zones and follow the main crypto market. So, if you trade altcoins, be careful and watch for Bitcoin price as well.
If we look at the 4H timeframe, we will see that buyers couldn't develop a new upward movement after the reversal from 9000USD support. We can draw a downtrend line using the important swing highs, and we will see a local downtrend. We have lower swing highs and lows, and it confirms the bearish trend. What's next?
If sellers can break 9000USD, which is the key support now, we will see a further downward movement. The downtrend and the strength of sellers will be confirmed. Altcoins will follow Bitcoin market as well, and we will get long trades closed by stop.
If the price can stay above 9000USD and the market gives us a new higher swing low, it will be a bullish signal. The buyers will be able to use this reversal and push the price above the local downtrend line. It will be a trend reversal signal. The upward movement above SMA200 will confirm the strength of buyers and the upward movement to 9500USD as the main target. Altcoins will follow Bitcoin market as well, and we will be able to close long positions at profit targets.
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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 altcoins will break their key support zones and follow the main crypto market. So, if you trade altcoins, be careful and watch for Bitcoin price as well.
If we look at the 4H timeframe, we will see that buyers couldn't develop a new upward movement after the reversal from 9000USD support. We can draw a downtrend line using the important swing highs, and we will see a local downtrend. We have lower swing highs and lows, and it confirms the bearish trend. What's next?
If sellers can break 9000USD, which is the key support now, we will see a further downward movement. The downtrend and the strength of sellers will be confirmed. Altcoins will follow Bitcoin market as well, and we will get long trades closed by stop.
If the price can stay above 9000USD and the market gives us a new higher swing low, it will be a bullish signal. The buyers will be able to use this reversal and push the price above the local downtrend line. It will be a trend reversal signal. The upward movement above SMA200 will confirm the strength of buyers and the upward movement to 9500USD as the main target. Altcoins will follow Bitcoin market as well, and we will be able to close long positions at profit targets.
If you like my posts, please smash the LIKE button and subscribe. If you want to add something to this post, please 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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