Bitcoin: 8500USD as the Best Support for Buyers
Güncellendi
The price broke SMA200 and reached 9000USD support level. I'm not sure that this level will be able to stop a downside movement. I think 8500USD looks much more interesting as the solid support. Please, look at the past performance in order to understand better how the price will be able to move in this area.
If the price bounces from 8500USD, it will be a possible buying opportunity. It will confirm the borders of the horizontal price channel between 8500USD and 10 000USD.
The breakout below 8500USD will become a solid bearish signal with targets at the previous support levels like 8000USD, 7500USD, 6000USD.
If we look at indicators:
RSI reached the oversold zone and it is going to confirm the price reversal from 9000USD.
MACD gives bearish signals from lines and histrogram.
DMI tells us that sellers are in control of the market. They have the power to push the price downside.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
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 8500USD, it will be a possible buying opportunity. It will confirm the borders of the horizontal price channel between 8500USD and 10 000USD.
The breakout below 8500USD will become a solid bearish signal with targets at the previous support levels like 8000USD, 7500USD, 6000USD.
If we look at indicators:
RSI reached the oversold zone and it is going to confirm the price reversal from 9000USD.
MACD gives bearish signals from lines and histrogram.
DMI tells us that sellers are in control of the market. They have the power to push the price downside.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
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.
Not
The price bounced from 9000USD, which is the local support. What’s next? SMA100 and SMA200 are acting now as resistance lines. If the price can break them, we will see a new attempt to reach 10 000USD. The breakout above SMAs as well as above the local swing high, it will be a good bullish signal. If the price bounces from the resistance zone between SMAs, we should be ready to see a downside movement to 8500USD.
Feragatname
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