Bitcoin: 10 000USD as Key Resistance
If we look at the 1H chart, we will see a boring market which is moving sideways. I wrote about possible trade opportunities based on the horizontal price channel. You can read this post in the related ideas.
Today, I offer you to look at the daily chart. It will help you to understand better the further market movement. Please note, we are talking about possible directions. Of course, any market has its own plan, and there are unpredictable fundamental events that can change the whole picture in minutes. Don't forget about it!
I think 10 000USD is the key level for the market. You can see how the price acted in this zone in the past. We have breakouts, false breakouts, and reversals. It means that the price respects this zone and we should use it in our planning.
For more than one month, we could see at least 3 attempts to break this resistance. Buyers could not push the price above 10 000USD and stay there. Now the market is consolidating below, and we should be ready to see a new strong movement after the period of consolidation. In which direction will it be? I think upside. But I'm talking about the upside movement because of the main uptrend in the higher timeframe and that Bitcoin has the potential to increase the value.
If the price can stay above 8500USD and break the local swing high at 10 500USD, we will be able to talk about an upside movement to 12 000USD and 14 000USD.
The alternative is a breakout below 8500USD and a downside movement to 6500USD. If buyers can't control the market, sellers will do it and push the price to the important support levels. Also, it will be against the majority's wish to see a new journey "to the Moon." Disappointed trades probably will start to exit from long positions, as it won't make sense to hold Bitcoin in the long run, and it will support the downside movement.
And what do you think about the further Bitcoin's steps? Let's discuss in comments!
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
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.
Today, I offer you to look at the daily chart. It will help you to understand better the further market movement. Please note, we are talking about possible directions. Of course, any market has its own plan, and there are unpredictable fundamental events that can change the whole picture in minutes. Don't forget about it!
I think 10 000USD is the key level for the market. You can see how the price acted in this zone in the past. We have breakouts, false breakouts, and reversals. It means that the price respects this zone and we should use it in our planning.
For more than one month, we could see at least 3 attempts to break this resistance. Buyers could not push the price above 10 000USD and stay there. Now the market is consolidating below, and we should be ready to see a new strong movement after the period of consolidation. In which direction will it be? I think upside. But I'm talking about the upside movement because of the main uptrend in the higher timeframe and that Bitcoin has the potential to increase the value.
If the price can stay above 8500USD and break the local swing high at 10 500USD, we will be able to talk about an upside movement to 12 000USD and 14 000USD.
The alternative is a breakout below 8500USD and a downside movement to 6500USD. If buyers can't control the market, sellers will do it and push the price to the important support levels. Also, it will be against the majority's wish to see a new journey "to the Moon." Disappointed trades probably will start to exit from long positions, as it won't make sense to hold Bitcoin in the long run, and it will support the downside movement.
And what do you think about the further Bitcoin's steps? Let's discuss in comments!
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
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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