Bitcoin: Strong Bearish Signals at Resistance - 12 000$ Target!
It is possible to dream about the new journey to the Moon and expect 20 000$ within several weeks. But if you want to be a good trader, you have to "read" signals from markets and indicators and be ready to follow them even if they stay against your wishes.
The market is bullish and we could see a strong upward movement. It is a fact. But if we look at the price action at the upper line of the daily price channel, we will solid bearish signals. It is a fact as well.
First of all we have to talk about the double bearish divergence which gives a strong trend reversal signal. We get this signal at the resistance zone and it is very important. Some of you can see and draw H&S chart pattern. It is another trend reversal signal.
We got a new high which is below the previous one. If we get a new swing low below the previous one, it will be a downtrend description.
MACD lines give a bearish signal as well.
Now the price bounced from the support zone formed by SMA50 and the local support level. In order to get a good bullish signal, the price will have to break above the local downtrend line and the upper line of the daily price channel. It means in order to reach 14 000$ the buyers will have to pass through a very solid resistance zone. Do you believe that they will be able to do it?
I think we will be able to see a correction movement toward 12 000 - 12 500$ zone. But for this, the price will have to move below SMA50.
The correction in the bullish market will be logical and good for everyone who wants to see the stable uptrend with the main goal at 20 000$.
What do you think about further market movement? Share your idea in the comments!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The market is bullish and we could see a strong upward movement. It is a fact. But if we look at the price action at the upper line of the daily price channel, we will solid bearish signals. It is a fact as well.
First of all we have to talk about the double bearish divergence which gives a strong trend reversal signal. We get this signal at the resistance zone and it is very important. Some of you can see and draw H&S chart pattern. It is another trend reversal signal.
We got a new high which is below the previous one. If we get a new swing low below the previous one, it will be a downtrend description.
MACD lines give a bearish signal as well.
Now the price bounced from the support zone formed by SMA50 and the local support level. In order to get a good bullish signal, the price will have to break above the local downtrend line and the upper line of the daily price channel. It means in order to reach 14 000$ the buyers will have to pass through a very solid resistance zone. Do you believe that they will be able to do it?
I think we will be able to see a correction movement toward 12 000 - 12 500$ zone. But for this, the price will have to move below SMA50.
The correction in the bullish market will be logical and good for everyone who wants to see the stable uptrend with the main goal at 20 000$.
What do you think about further market movement? Share your idea in the 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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