Bitcoin: Market Review Based on the Daily Timeframe
The weekly chart is going to stay bullish in spite of possible downward movement in the daily and hourly timeframes. I wrote about the long term market movement in the previous post, which you can read in the related ideas.
Now, let's look at the daily timeframe. The price could not break the local downtrend line. The price bounced from it. Now we have a bearish candle and an attempt to break the local uptrend line. MACD histogram supports a downward movement. RSI confirms the price reversal. DMI does not tell us that buyers are strong. All these signals are bearish, and if the price can break the uptrend line, we should be ready to see the falling at least to 6000.00 support. Also, the price can move back to the weekly uptrend line.
In order to confirm the upward movement, the price will have to pass the local downtrend line. It is very important for developing a stable uptrend. We must be sure that buyers are strong and they have opportunities, and they can break important resistance lines and levels.
As for trade opportunities, I would like to wait for reversal signals from 6000.00 and the weekly uptrend line. I don't like the idea to short the market as well as the idea to buy following the breakout above the local downtrend line. But if you have another idea and the exact trading plan, follow it!
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.
Now, let's look at the daily timeframe. The price could not break the local downtrend line. The price bounced from it. Now we have a bearish candle and an attempt to break the local uptrend line. MACD histogram supports a downward movement. RSI confirms the price reversal. DMI does not tell us that buyers are strong. All these signals are bearish, and if the price can break the uptrend line, we should be ready to see the falling at least to 6000.00 support. Also, the price can move back to the weekly uptrend line.
In order to confirm the upward movement, the price will have to pass the local downtrend line. It is very important for developing a stable uptrend. We must be sure that buyers are strong and they have opportunities, and they can break important resistance lines and levels.
As for trade opportunities, I would like to wait for reversal signals from 6000.00 and the weekly uptrend line. I don't like the idea to short the market as well as the idea to buy following the breakout above the local downtrend line. But if you have another idea and the exact trading plan, follow it!
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.
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