Bitcoin: Price Reversal from Key Support! To the Moon?
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Do you really think that the MMs have a goal to provide you with the perfect market conditions for making good profit?
Of course NOT!
They follow another plan and your money is part of this plan.
That’s why I don’t expect the obvious reversal and a strong upward movement after that to the new ATH.
I think it will be better to consider pullbacks, false breakouts, sideways movement around the local bottom BEFORE a possible upward movement.
Or maybe we will enter the bearish period, who knows?
In some time, we will be able to see obvious reversal or breakout setups around MA200 and 42 000$. But right now, we can’t have obvious setups. We have the market conditions where the upward and downward movement are possible as 50% - 50%.
Yes, the price bounced from 42 000$ and MA200. RSI confirmed the reversal. The same goes for the MACD histogram. But the daily candles tell us that the market is not ready to move upward yet.
I won’t be surprised if we retest MA200 again. We have the weekly downtrend and uptrend lines which we consider as well in combination with 42 000$ and 40 000$. A downward movement to this support, a reversal after that will be able to push the price upward. Why? Because many players in the market will get an additional confirmation that the bottom is between 42 000$ and 40 000$ and it makes sense to trade from this bottom.
An alternative is a strong bullish candle which will break the downtrend line and MAs. If we get such a candle, it will be a strong bullish signal in the direction of the main trend.
As for my own thoughts about the market and further market movements... I don't think we will see below 40 000$. At least right now there are no fundamental reasons to do it. But also, I don't think we will see a pump from the current prices. How will it be in the reality? We will see soon! My trading plan covers all possible market movements and I use stop orders. I hope you do the same.
P.S. If you see any value in my work, please support it with your LIKES!
Thanks!
Of course NOT!
They follow another plan and your money is part of this plan.
That’s why I don’t expect the obvious reversal and a strong upward movement after that to the new ATH.
I think it will be better to consider pullbacks, false breakouts, sideways movement around the local bottom BEFORE a possible upward movement.
Or maybe we will enter the bearish period, who knows?
In some time, we will be able to see obvious reversal or breakout setups around MA200 and 42 000$. But right now, we can’t have obvious setups. We have the market conditions where the upward and downward movement are possible as 50% - 50%.
Yes, the price bounced from 42 000$ and MA200. RSI confirmed the reversal. The same goes for the MACD histogram. But the daily candles tell us that the market is not ready to move upward yet.
I won’t be surprised if we retest MA200 again. We have the weekly downtrend and uptrend lines which we consider as well in combination with 42 000$ and 40 000$. A downward movement to this support, a reversal after that will be able to push the price upward. Why? Because many players in the market will get an additional confirmation that the bottom is between 42 000$ and 40 000$ and it makes sense to trade from this bottom.
An alternative is a strong bullish candle which will break the downtrend line and MAs. If we get such a candle, it will be a strong bullish signal in the direction of the main trend.
As for my own thoughts about the market and further market movements... I don't think we will see below 40 000$. At least right now there are no fundamental reasons to do it. But also, I don't think we will see a pump from the current prices. How will it be in the reality? We will see soon! My trading plan covers all possible market movements and I use stop orders. I hope you do the same.
P.S. If you see any value in my work, please support it with your LIKES!
Thanks!
Uwaga
We are going to restest the support! Be careful with your long positions!
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