Bitcoin: Wait for Breakout!
The price reached the resistance zone formed by SMA50, the local downtrend line, and 11 000$ resistance level. We have to watch for the price action in this zone as the breakout will give us a new buying opportunity.
Long trades can be opened in the direction of the main bullish trend in the daily and hourly charts. Stop orders should be placed below the local swing lows. The profit targets stay the same 12 000$ and 12 500$ resistance levels.
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.
Long trades can be opened in the direction of the main bullish trend in the daily and hourly charts. Stop orders should be placed below the local swing lows. The profit targets stay the same 12 000$ and 12 500$ resistance levels.
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.