Bitcoin: The Bullish Market in the Weekly Chart
The weekly chart looks good for Bitcoin holders. The price bounced from the support zone formed by SMA200 and the uptrend line. The price reversal gave us a bullish signal. RSI confirmed the reversal not far from the oversold zone. MACD supports upward movement.
If we talk about possible market movements within 1-2 months, we have the following variants:
the price will continue the upward movement and reach the downtrend line. The price action in this zone will be important for the market. If the price bounces, we will see a new downward movement to SMA100 and SMA200. The breakout above the downtrend line will give a bullish signal with the main target at 14 000.00 level.
if the price drops below the uptrend line and the local swing low, it will be a strong bearish signal. The target for sellers will be 3000.00 and 1000.00 support levels.
The market looks bullish in the long run, and for the downward movement, we will need solid fundamental reasons.
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 talk about possible market movements within 1-2 months, we have the following variants:
the price will continue the upward movement and reach the downtrend line. The price action in this zone will be important for the market. If the price bounces, we will see a new downward movement to SMA100 and SMA200. The breakout above the downtrend line will give a bullish signal with the main target at 14 000.00 level.
if the price drops below the uptrend line and the local swing low, it will be a strong bearish signal. The target for sellers will be 3000.00 and 1000.00 support levels.
The market looks bullish in the long run, and for the downward movement, we will need solid fundamental reasons.
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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