Bitcoin: Market Review and the Key Lines
Updated
If we look at the weekly chart, we will see a clear picture of possible market movements within several months.
The market formed a triangle, and the price moves in borders of this chart pattern. Now, we have to focus on the price action at the lower line of the triangle. If the price bounces from this line, it will be a bullish signal with the target at the upper line of the pattern. The breakout above that line will confirm the continuation of the uptrend. Reversal signals from the uptrend line, which is the part of the pattern, will be good for buying. We will search for exact entry points following buy signals from the daily and hourly charts.
If the price breaks the upper line of the triangle, the next target will be at 6000.00 support, which is the previous market bottom. The breakout below 6000.00 will open the road to 3000.00 support. But I think the market will need very solid fundamental reasons to reach that support.
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 market formed a triangle, and the price moves in borders of this chart pattern. Now, we have to focus on the price action at the lower line of the triangle. If the price bounces from this line, it will be a bullish signal with the target at the upper line of the pattern. The breakout above that line will confirm the continuation of the uptrend. Reversal signals from the uptrend line, which is the part of the pattern, will be good for buying. We will search for exact entry points following buy signals from the daily and hourly charts.
If the price breaks the upper line of the triangle, the next target will be at 6000.00 support, which is the previous market bottom. The breakout below 6000.00 will open the road to 3000.00 support. But I think the market will need very solid fundamental reasons to reach that support.
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.
Note
The price broke the lower line of the triangle chart chart pattern. The daily timeframe gave us a strong bearish signal. Now the price is at 6000.00 strong support level, which acted as the bottom for many months in the past. Watch for the price action in this zone. Any reversal can be used for adding trade volume to long positions. The breakout below will open the road to 3000-3500. 
Disclaimer
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