Bitcoin: 12 500$ Target Reached! What's Next?

٢١ أكتوبر ٢٠٢٠

Did you expect the breakout above 12 500$ resistance from the 1st attempt? I didn't expect and in the previous posts, I wrote about a pullback toward the key supports and a new upward movement after that. But the market continued the upward movement and made a new high. What does it mean?

If this upward movement represents the strength of buyers, we will see the continuation of the upward movement toward 14 000$ resistance. Any pullback in the hourly timeframe can be used for buying. Stop orders must be placed below the key support and the local swing lows.

But what if we get a false breakout and a good bullish trap? We had a consolidation period between 10 000$ and 11 000$ where a big player could enter the market step by step. Today the big player shows that the market is going to move upward and the buyers are very strong. But the big player is going to use traders who are buying right now just to fix the profit. After that, we will see a reversal pattern and the price will move downward. What do you think?

The trading ideas I shared with you reached the profit target. I don't have any ideas about how to trade right now. I would like to see how the market will move within several days. Will 12 500$ become new support? Will the price continue the upward movement? Will we see a false breakout?



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.