Bitcoin:When the Market Becomes Bullish
From my point of view, it is useless to talk about the bullish or bearish market, based on the daily and hourly charts, until the price stays between the downtrend line and 6000.00 support zone.
The price movement in these borders will be unpredictable. The price broke the local uptrend line, but sellers could not develop the downward movement. The Price bounced from SMA100, but buyers could not break the downtrend line. The price bounced from the downtrend line, but sellers could not push the price below SMA100.
The sideways movement looks logical, and I don't think it is a good time for trading.
If you want to buy, probably you can get buy opportunities from 6000.00 support, of course, if it matches your long term plan and you are ready to stay in drawdown. The market can break 6000.00 support and move to the local market low.
The price must break the main downtrend line, in order, we could talk about the strength of buyers and a new bullish trend. Without it, the price can move sideways or even try to move downward.
By the way, do you see a trend reversal signal based on a Head & Shoulder chart pattern in the 4H timeframe? It is a strong bearish signal. Share your opinion below this post, let's discuss!
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 movement in these borders will be unpredictable. The price broke the local uptrend line, but sellers could not develop the downward movement. The Price bounced from SMA100, but buyers could not break the downtrend line. The price bounced from the downtrend line, but sellers could not push the price below SMA100.
The sideways movement looks logical, and I don't think it is a good time for trading.
If you want to buy, probably you can get buy opportunities from 6000.00 support, of course, if it matches your long term plan and you are ready to stay in drawdown. The market can break 6000.00 support and move to the local market low.
The price must break the main downtrend line, in order, we could talk about the strength of buyers and a new bullish trend. Without it, the price can move sideways or even try to move downward.
By the way, do you see a trend reversal signal based on a Head & Shoulder chart pattern in the 4H timeframe? It is a strong bearish signal. Share your opinion below this post, let's discuss!
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
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