Bitcoin: Consolidation below 20 000$ and New Target at 30 000$!
It is just a theory, what if the price can't break 20 000$ with a new attempt? What's next? I offer you to build a model which can describe a possible market movement within several weeks or maybe months.
If the price can't break and stay above 20 000$ resistance, I think we will see a sideways movement between the resistance and important support levels. We know the resistance, it is 20 000$ level, but what about the support?
I think it makes sense to talk about 2 support zone based on round numbers. It is 18 000$ support, which can be used as local support. If the price breaks this zone, 16 000$ will be the 2nd support. We could see how the price bounced from this support after the pullback from 20 000$.
I think the sideways movement before the breakout and a continuation of the bullish trend, it is a good idea. You can look at the market movement at 10 000$ level. We also had the strong resistance, and the price couldn't break in spite of several attempts. We had sideways movement below the resistance between 10 000$ and 8000$ level. After the consolidation, the price broke 10 000$, and we got a strong upward movement. Why not to repeat the same model again? After that the market will have the power to break the solid resistance and move toward 30 000$. Why this target? Because bitcoin likes round numbers and if 20 000$ is passed, the market will have the power to reach 30 000$.
What do you think?
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price can't break and stay above 20 000$ resistance, I think we will see a sideways movement between the resistance and important support levels. We know the resistance, it is 20 000$ level, but what about the support?
I think it makes sense to talk about 2 support zone based on round numbers. It is 18 000$ support, which can be used as local support. If the price breaks this zone, 16 000$ will be the 2nd support. We could see how the price bounced from this support after the pullback from 20 000$.
I think the sideways movement before the breakout and a continuation of the bullish trend, it is a good idea. You can look at the market movement at 10 000$ level. We also had the strong resistance, and the price couldn't break in spite of several attempts. We had sideways movement below the resistance between 10 000$ and 8000$ level. After the consolidation, the price broke 10 000$, and we got a strong upward movement. Why not to repeat the same model again? After that the market will have the power to break the solid resistance and move toward 30 000$. Why this target? Because bitcoin likes round numbers and if 20 000$ is passed, the market will have the power to reach 30 000$.
What do you think?
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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