Bitcoin: Market Review
The falling slowed down. The price could move below SMA200, but in spite of this, sellers have fewer opportunities to continue the downward movement.
We have a strong support zone formed by the local support level, SMA100, and 8000.00 round number. I think it is possible to expect a reversal from this zone and a new upward movement.
Reversal signals from this support zone can be used for buying. There is a variant that the price can reach the main uptrend line as well. But for this, the price will have to move below 8000.00 support. Will it be possible? For this, there must be reasons.
More days, the price will stay above the support, the closer the uptrend line will be to the price. The perfect support zone will combine SMA100, 8000.00, and the uptrend line.
The market becomes interesting for buying. Long trades can be opened based on the daily and hourly timeframes.
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.
We have a strong support zone formed by the local support level, SMA100, and 8000.00 round number. I think it is possible to expect a reversal from this zone and a new upward movement.
Reversal signals from this support zone can be used for buying. There is a variant that the price can reach the main uptrend line as well. But for this, the price will have to move below 8000.00 support. Will it be possible? For this, there must be reasons.
More days, the price will stay above the support, the closer the uptrend line will be to the price. The perfect support zone will combine SMA100, 8000.00, and the uptrend line.
The market becomes interesting for buying. Long trades can be opened based on the daily and hourly timeframes.
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.
Feragatname
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