Bitcoin: Bearish Market and When to Buy
Yesterday I wrote about how to buy in the bullish market, and I used for this the 1H chart. You can read this post in the related ideas.
The price could break SMA100 and SMA200. It gave us a trend reversal signal, and the market became bearish.
If we look at the 15m timeframe, we will see the bearish trend with the same trading setup, which was described for buyers yesterday. If the price breaks the local uptrend line, it will be a bearish signal confirming the continuation of the downtrend. Also, we had a bearish flag, which also told us about the further downward movement.
The market is bearish in the short term, at least, and it is obvious. The question is, how should we trade? As you know, I'm not a fan of shorting in crypto. For short term trades, it makes sense. But for swing trades, I would prefer to be on the buyer's side.
So, I think, the sellers have the main target for fixing profit at 9000USD support. It means we should be ready to see a reversal from the support. If so, we will have a buying opportunity.
Another buying opportunity will be based on the breakouts above SMA200. It will be a trend reversal signal, and the market will become bullish again.
As for now, and if you are not a seller, we have to wait for new buying opportunities.
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.
The price could break SMA100 and SMA200. It gave us a trend reversal signal, and the market became bearish.
If we look at the 15m timeframe, we will see the bearish trend with the same trading setup, which was described for buyers yesterday. If the price breaks the local uptrend line, it will be a bearish signal confirming the continuation of the downtrend. Also, we had a bearish flag, which also told us about the further downward movement.
The market is bearish in the short term, at least, and it is obvious. The question is, how should we trade? As you know, I'm not a fan of shorting in crypto. For short term trades, it makes sense. But for swing trades, I would prefer to be on the buyer's side.
So, I think, the sellers have the main target for fixing profit at 9000USD support. It means we should be ready to see a reversal from the support. If so, we will have a buying opportunity.
Another buying opportunity will be based on the breakouts above SMA200. It will be a trend reversal signal, and the market will become bullish again.
As for now, and if you are not a seller, we have to wait for new buying opportunities.
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.
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