Bitcoin: Multi Time Frame Review
Bitcoin shows the direction for the whole crypto market. I hope you know it. That’s why I offer you to read this review, in order to understand how to plan future trades not only for Bitcoin but altcoins as well.
The daily chart - the price broke MA50 and 58 000$ support and updated the low. In spite of this bearish signal, the market stays in the bullish trend. The price broke the bullish structure as well.
In order to continue the bullish trend, we need an upward movement above MA50. In another way, 50 000$ is a good target for the bears. For this, we will need to break the local swing low around 55 500$.
The 4h chart - the market gives us a strong trend reversal signal. It is a bullish divergence. The local support 55 500$ is important for the further market movement. If bulls can keep the price above it, we will have a starting point for a new bullish trend. I think the price will bounce from MA20 and move to the support. Bullish setups between MA20 and 55 500$ will be good for buying. Just for your notes, in the 4h time frame, we are in the bearish trend.
The 1h chart - the price reached the local resistance. A breakout above it will open the road to 60 000$ and MA200. A reversal from the resistance will push the price down to 55 500$.
In the 1h time frame, we have the bearish trend as well. But the price could break the bearish structure and it is building a bullish one right now. We should be ready to use a trend reversal signal as soon as the price will break MA200.
How to trade?
I opened long positions using reversal and false breakout signals from the local support. It is not only about Bitcoin, it is mainly about altcoins where we can see the same situation.
I’m going to keep long positions and add new positions using pullbacks in the hourly charts. IF the price breaks the local swing low in the daily chart, it will be a strong bearish signal. I will close long positions and wait for new bullish setups.
P.S. It is not financial advice! I shared with you my ideas and how I'm going to trade.
The daily chart - the price broke MA50 and 58 000$ support and updated the low. In spite of this bearish signal, the market stays in the bullish trend. The price broke the bullish structure as well.
In order to continue the bullish trend, we need an upward movement above MA50. In another way, 50 000$ is a good target for the bears. For this, we will need to break the local swing low around 55 500$.
The 4h chart - the market gives us a strong trend reversal signal. It is a bullish divergence. The local support 55 500$ is important for the further market movement. If bulls can keep the price above it, we will have a starting point for a new bullish trend. I think the price will bounce from MA20 and move to the support. Bullish setups between MA20 and 55 500$ will be good for buying. Just for your notes, in the 4h time frame, we are in the bearish trend.
The 1h chart - the price reached the local resistance. A breakout above it will open the road to 60 000$ and MA200. A reversal from the resistance will push the price down to 55 500$.
In the 1h time frame, we have the bearish trend as well. But the price could break the bearish structure and it is building a bullish one right now. We should be ready to use a trend reversal signal as soon as the price will break MA200.
How to trade?
I opened long positions using reversal and false breakout signals from the local support. It is not only about Bitcoin, it is mainly about altcoins where we can see the same situation.
I’m going to keep long positions and add new positions using pullbacks in the hourly charts. IF the price breaks the local swing low in the daily chart, it will be a strong bearish signal. I will close long positions and wait for new bullish setups.
P.S. It is not financial advice! I shared with you my ideas and how I'm going to trade.
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