Bitcoin: Strong Trend Reversal Signal at 14 000$ Resistance
I wrote about the main picture in BTCUSD market in this post. It was a market review based on the daily chart. Let's look at the 4H chart and try to understand what's going on in this market.
The price reached SMA50 and gave us a reversal candlestick pattern. It is a bullish signal. RSI is going to support the price reversal and the same signal we should expect from MACD histogram.
In spite of these bullish signals and a buying opportunity, the market doesn't look strong. The price is below a solid resistance zone. The daily chart looks bearish. Also, if we compare the price action with swing highs of RSI and MACD lines, we will get a double bearish divergence. It is a strong trend reversal signal at the resistance zone.
If the price breaks SMA50, the road to 12 000$ will be opened. You should be ready to see such a downward movement which will become a correction in the daily chart. The price reversal from 12 000$ and SMA200 will give good long trades.
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 price reached SMA50 and gave us a reversal candlestick pattern. It is a bullish signal. RSI is going to support the price reversal and the same signal we should expect from MACD histogram.
In spite of these bullish signals and a buying opportunity, the market doesn't look strong. The price is below a solid resistance zone. The daily chart looks bearish. Also, if we compare the price action with swing highs of RSI and MACD lines, we will get a double bearish divergence. It is a strong trend reversal signal at the resistance zone.
If the price breaks SMA50, the road to 12 000$ will be opened. You should be ready to see such a downward movement which will become a correction in the daily chart. The price reversal from 12 000$ and SMA200 will give good long trades.
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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