Bitcoin: SMA200 as the Key Trend Line for Buyers
Let's talk about Bitcoin using the weekly timeframe. If the daily chart shows that the bullish structure was broken, the weekly chart still can be used as bullish in spite of the falling from 10 000.00 level.
Yes, the price broke the local uptrend line and swing low. It gave us a bearish signal, and the market continued the correction movement in the main uptrend. It's a pity that before that falling, the market could not refresh the previous key swing high at 14 000.00 level.
Now the price is at SMA200. The price action at this line is very important for buyers. Why? Well, it could stop the falling market in 2018. The price bounced from SMA200 and moved to 14000.00 level. We will be able to get the same market movement this time as well. For this, the market will have to reverse from SMA200 and break the main downtrend line. The price reversal from SMA will provide a buy signal.
If SMA200 is broken, the market will move to 3000.00 support. The price reversal from this zone will be good for buying as well.
The breakout below 3000.00 support will open the road to 1000.00 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.
Yes, the price broke the local uptrend line and swing low. It gave us a bearish signal, and the market continued the correction movement in the main uptrend. It's a pity that before that falling, the market could not refresh the previous key swing high at 14 000.00 level.
Now the price is at SMA200. The price action at this line is very important for buyers. Why? Well, it could stop the falling market in 2018. The price bounced from SMA200 and moved to 14000.00 level. We will be able to get the same market movement this time as well. For this, the market will have to reverse from SMA200 and break the main downtrend line. The price reversal from SMA will provide a buy signal.
If SMA200 is broken, the market will move to 3000.00 support. The price reversal from this zone will be good for buying as well.
The breakout below 3000.00 support will open the road to 1000.00 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.
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