Bitcoin: Buyers Are in Control of the Market
The price bounced from 9125USD support and moved above SMAs. It gives us a signal that buyers are in control of the market right now. We can expect a further upward movement to 9500USD resistance and breakout above it. MACD supports upward movement. DMI is bullish, and ADX confirms the strength of buyers.
If we look at RSI, the line reached the overbought zone. It means that we should be ready to see a pullback, which will be in line with a new bullish structure. Buyers will be able to continue developing the uptrend if they can keep the price above the local trend line and SMAs. If they fail with this task, we will see another downward movement and an attempt to reach 9000USD.
The breakout above 9500USD resistance will open the road to the next important level at 10 000USD. Such upward movement will be able to give solid bullish signals not only on the hourly timeframes, but it will change the structure in the daily chart as well. If the market is ready to continue the main uptrend, the previous reversal from 9000USD is a good starting point.
As for our previous trading idea, the long position is active and gives profit. For more details, please read the posts in the related ideas.
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 RSI, the line reached the overbought zone. It means that we should be ready to see a pullback, which will be in line with a new bullish structure. Buyers will be able to continue developing the uptrend if they can keep the price above the local trend line and SMAs. If they fail with this task, we will see another downward movement and an attempt to reach 9000USD.
The breakout above 9500USD resistance will open the road to the next important level at 10 000USD. Such upward movement will be able to give solid bullish signals not only on the hourly timeframes, but it will change the structure in the daily chart as well. If the market is ready to continue the main uptrend, the previous reversal from 9000USD is a good starting point.
As for our previous trading idea, the long position is active and gives profit. For more details, please read the posts in the related ideas.
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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