Bitcoin: Price Action at Support and New Trade Signals
Yesterday, I wrote about a strong bearish signal from the daily chart. You can read the details in this post.
If we look at the 4H timeframe, the price reached the support zone formed by the local uptrend line and SMA100. The price action at this zone will be able to give new trade opportunities for buyers and sellers.
If the price bounces from the support zone, it will be a bullish signal. We will be able to open long positions with stop orders below the local swing low. The profit target should be at 12 500USD.
If the price breaks the support zone, it will be a bearish signal. Stop orders for short trade should be placed above the local swing high. The main profit target for sellers will be SMA200.
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 we look at the 4H timeframe, the price reached the support zone formed by the local uptrend line and SMA100. The price action at this zone will be able to give new trade opportunities for buyers and sellers.
If the price bounces from the support zone, it will be a bullish signal. We will be able to open long positions with stop orders below the local swing low. The profit target should be at 12 500USD.
If the price breaks the support zone, it will be a bearish signal. Stop orders for short trade should be placed above the local swing high. The main profit target for sellers will be SMA200.
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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