Bitcoin: Bearish Signals and How to Trade
The price broke the main line of the price channel in the 1H timeframe. It gave a trend reversal signal. The market could not develop the uptrend and reach 10 000USD. Buyers failed one more time. What about sellers?
They still have to break 9000USD as the support and moves below the weekly downtrend line. Will they be able to push the price downward? It depends on how strong they are. As we can see, the market has been moving between 9000USD support and 10 000USD resistance for about months. We can say that the market is consolidating and a new movement will be after that. But how much time the market needs in order to go up or down? If there are no active buyers and sellers, if there is no news, we should be ready to see the continuation of the sideways movement. It makes the market boring for trading.
As you can see, the price bounced from 9000USD support, and it gave us a buy signal. We could open long trades with a stop below 8900USD. But if buyers don't have the power to push the price high, probably long positions in such market don't look like a good idea. The price will have to break SMA100 and SMA200, and with weak buyers, we should expect a reversal and a new attempt to break 9000USD more than reaching the previous highs at 9300USD.
I have no ideas how to trade in such market conditions and make a good profit. There is no good volatility for swing trading. Investing is not good as well as the market doesn't have solid fundamental factors that could support the solid uptrend in the long run. Day trading? Scalping? Probably such trading styles can be interesting, but they need much more time and work. Also, there is a good opportunity to face a manipulated movement against your positions.
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.
They still have to break 9000USD as the support and moves below the weekly downtrend line. Will they be able to push the price downward? It depends on how strong they are. As we can see, the market has been moving between 9000USD support and 10 000USD resistance for about months. We can say that the market is consolidating and a new movement will be after that. But how much time the market needs in order to go up or down? If there are no active buyers and sellers, if there is no news, we should be ready to see the continuation of the sideways movement. It makes the market boring for trading.
As you can see, the price bounced from 9000USD support, and it gave us a buy signal. We could open long trades with a stop below 8900USD. But if buyers don't have the power to push the price high, probably long positions in such market don't look like a good idea. The price will have to break SMA100 and SMA200, and with weak buyers, we should expect a reversal and a new attempt to break 9000USD more than reaching the previous highs at 9300USD.
I have no ideas how to trade in such market conditions and make a good profit. There is no good volatility for swing trading. Investing is not good as well as the market doesn't have solid fundamental factors that could support the solid uptrend in the long run. Day trading? Scalping? Probably such trading styles can be interesting, but they need much more time and work. Also, there is a good opportunity to face a manipulated movement against your positions.
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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