Bitcoin: Pullback from 12 000$ and New Trade Opportunities
The price reached 12 000$ resistance. The previous long position gave us a good profit. I wrote about this trade in this post. What's next?
We have a reversal candlestick pattern which confirms the price reversal from 12 000$ resistance. It will be logical if we see a pullback to the important support zones. The 1st support is 11726$ where a reversal signal can be used for opening a new long position. If the price breaks this zone, the next support will be at SMA50 where a reversal signal can be used for buying as well.
If the price breaks the support zone, the 3rd key support will be at 11 178.50$. Again, the price reversal will give a new buying opportunity.
I don't think the buyer will be able to push the price above 12 000$ without a pullback. At least the pullback toward the 1st support zone is needed. How it will be in reality? We will see. This week will show us how strong the buyers are and in which direction the market is going to move further.
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.
We have a reversal candlestick pattern which confirms the price reversal from 12 000$ resistance. It will be logical if we see a pullback to the important support zones. The 1st support is 11726$ where a reversal signal can be used for opening a new long position. If the price breaks this zone, the next support will be at SMA50 where a reversal signal can be used for buying as well.
If the price breaks the support zone, the 3rd key support will be at 11 178.50$. Again, the price reversal will give a new buying opportunity.
I don't think the buyer will be able to push the price above 12 000$ without a pullback. At least the pullback toward the 1st support zone is needed. How it will be in reality? We will see. This week will show us how strong the buyers are and in which direction the market is going to move further.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.