Bitcoin - Important Levels to Watch For
The price stays at the support zone formed by MA with 100 period, the uptrend line and 3750.00 support. For keeping the upward trend based on the 4H timeframe, the price will need to bounce from this support and move to 4000.00 resistance level. Breaking above this level will be very important for developing a further bullish structure. Breaking above 4200.00 resistance will confirm the uptrend from the daily chart.
If the price breaks the uptrend line but stays above the support, it will be a signal for further sideways movement in the channel between 4000.00 and 3750.00 levels. Without increasing demand and fundamental news supporting the crypto - the sideways movement looks more logical.
For confirmation of the downward movement and the trend reversal based on the hourly timeframes, the price will have to break the support zone. If so, the price will be able to reach the next support level at 3500.00 level.
Indicators:
- RSI moves at 50 level - the market is neutral
- MACD lines and histogram starts moving in different directions - it means no substantial support for bulls or bears
- DMI is bearish, but ADX line falls confirming the sideways movement.
Which direction the market will prefer, it will depend on the direction of a breakout. The important levels to watch for - 4000.00 and 3750.00 levels.
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If the price breaks the uptrend line but stays above the support, it will be a signal for further sideways movement in the channel between 4000.00 and 3750.00 levels. Without increasing demand and fundamental news supporting the crypto - the sideways movement looks more logical.
For confirmation of the downward movement and the trend reversal based on the hourly timeframes, the price will have to break the support zone. If so, the price will be able to reach the next support level at 3500.00 level.
Indicators:
- RSI moves at 50 level - the market is neutral
- MACD lines and histogram starts moving in different directions - it means no substantial support for bulls or bears
- DMI is bearish, but ADX line falls confirming the sideways movement.
Which direction the market will prefer, it will depend on the direction of a breakout. The important levels to watch for - 4000.00 and 3750.00 levels.
I will be grateful for supporting my work by your LIKEs. Any ideas about BTC movements in short or medium term - you are welcome to share them in comments!
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