Bitcoin: 10 800$ Key Resistance for Buyers
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Here is the market review based on the 4H timeframe.
The price reached the resistance zone formed by SMA200 and 10 800.00$ resistance zone. The local swing low allows us to draw the uptrend line as well. So, we have a situation where a breakout will show us further market movement.
If the price breaks the resistance zone, it will be a bullish signal. We will get a trend reversal signal. If the buyers are really strong, they will be able to push the price toward 12 000.00$ and 12500.00$ resistance levels.
If the price breaks the uptrend line, it will be a bearish signal in the direction of the main downtrend. We should be ready to see a downward movement toward 10 000.00$ support.
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 the resistance zone formed by SMA200 and 10 800.00$ resistance zone. The local swing low allows us to draw the uptrend line as well. So, we have a situation where a breakout will show us further market movement.
If the price breaks the resistance zone, it will be a bullish signal. We will get a trend reversal signal. If the buyers are really strong, they will be able to push the price toward 12 000.00$ and 12500.00$ resistance levels.
If the price breaks the uptrend line, it will be a bearish signal in the direction of the main downtrend. We should be ready to see a downward movement toward 10 000.00$ support.
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.
Nota
Here is an example of a long trade based on the same setup.Nota
By the way, do you see a false trend reversal signal in the chart?
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