Bitcoin: Possible Trade Opportunities from the 4H Chart
The price could break the local resistance at 9500USD and updated the local high. Now the broken resistance is acting as the support, and the price action at this zone will show us the further market movement.
If the price can stay above 9500USD, the buyers will use it as a basis for a new upward movement to 9800USD resistance. The next target will be 10000USD as a solid round number level. If we trade in hourly and minute timeframes, it will be possible to use reversal signals from the support for short term long trades.
If the price breaks the support zone and the local uptrend line, it will be a bearish signal. The price will be able to move down to SMAs. I think this variant looks logical as MACD and RSI are going to support the downward movement. The reversal signals from SMAs will be good for buying as well.
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 stay above 9500USD, the buyers will use it as a basis for a new upward movement to 9800USD resistance. The next target will be 10000USD as a solid round number level. If we trade in hourly and minute timeframes, it will be possible to use reversal signals from the support for short term long trades.
If the price breaks the support zone and the local uptrend line, it will be a bearish signal. The price will be able to move down to SMAs. I think this variant looks logical as MACD and RSI are going to support the downward movement. The reversal signals from SMAs will be good for buying as well.
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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