If you still believe in Bitcoin, this market review can be interesting for you.
Let's look at the 4H chart in order to see the most important zones where the price action will show us further market movements.
The 1st zone, which we must take into consideration, is the resistance zone between 9250.00 and 9550.00 levels. The weekly downtrend line also makes this zone stronger. If the price can move above it, it will give a good bullish signal.
If the price reverses from the resistance, we will be able to see a downside move to the 2nd support zone formed by 8000.00 support and SMA200. Now, SMA100 acts as a support line, and you can see how it is holding the price. We will expect the same price action at SMA200. The price reversal from SMA200 will give a buying opportunity.
If the price break SMA200 and 8000.00 support. It will give a bearish signal with targets at 7500.00, 7000.00, and 6000.00 levels.
The sideway movement in the borders 9500.00 and 8000.00 will mean nothing. It will be possible to buy from the support and exit at the resistance following the rules of trading in the range market conditions.
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.
Comentarios
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ok, sure! You are absolutely right! TA does not work! FA does not work! Bitcoin goes to the Moon!!!!
But from my point of view, we should not rush because we can get the same false breakout like it was in the daily and weekly timeframes. The next question to the buyers is, will you be able to stay above the downtrend line during these several days? If yes, we will be able to get the weekly close price above the downtrend line and we will talk about a possible breakout. Without it, the price will be able to move below this trend line again.
In my opinion btc is more likely going to 4k again for its ultimate last drop than breaking 10,5k. I don't see a good financial market environment for btc to break this thing up. S&P500 and markets charts are not looking good too and this can impact btc a lot like did two months ago. When corona virus outbreak ends maybe next year we could see new money flowing in to crypto when price is lower. I dont see halving as a good reason for btc going up right now, maybe the effect can be seen next year. Do we still have enough moonboys from youtube to drive this price up from this point?
josemacin1011
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@renanbarros Bitcoin was made for this environment, and it proved to be a safe haven just like Gold. This was a perfect test for bitcoin! It went so well that JP Morgan is now banking for Coinbase and Gemni. Also new billionaires and millionaires that have influence in the market are finally coming out of the closet.
DLavrov
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@renanbarros, yes, I like the idea to invest in crypto when BTC is about 4000-3000USD. The problem is that the price can never reach these levels again. From time to time we can see really weird movements in this market. The movements which are not supported by FA, TA, and by the logic.
DLavrov
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@renanbarros, in my Twitter's feed there were too many moonboys. Thanks for your opinion!
renanbarros
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@DLavrov, twitter is the biggest moonboyland you can find hahaha...halving has passed, let's see what people will say to shill bitcoin now
LadaToLambo
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10,500 is the Big Daddy. BTC needs to smash through that level and us Bulls can breathe easily
@DLavrov, to diversify a portfolio and capture the dollar inflation that will occur due to all of the money printing by the Fed. If you dont denominate BTC in USD then I dont know why you would buy it.
DLavrov
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@jram68, but USD probably will stay USD with closely the same value, but BTC can drop and you will lose money, won't you?
bloodgood
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@DLavrov, you can't correlate USD to EUR only. They are both losing value. So the correlation between them is the same, but the value of both currencies isn't.