Bitcoin: Market Review in the Daily Chart
What's new?
The price broke the local downtrend line and it could stay above 7000.00 level. It is a good bullish signal. MACD gives a bullish signal too.
What's next?
If buyers are active, the market will be able to continue the upward movement. We will probably see an attempt to reach the main downtrend line. You can draw it using the weekly timeframe. But for this, buyers will have to push the price through the resistance zone formed by 7000.00 round number and 7500.00 level where it was the local swing high. After that, SMA100 and SMA200 will be able to stop the upward movement as well. The breakouts above these resistances will become a good test for buyers. If they are strong, they will be able to reach the target. If they are not so strong, be ready to see a sideways movement or a new downward movement to 6000.0 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 broke the local downtrend line and it could stay above 7000.00 level. It is a good bullish signal. MACD gives a bullish signal too.
What's next?
If buyers are active, the market will be able to continue the upward movement. We will probably see an attempt to reach the main downtrend line. You can draw it using the weekly timeframe. But for this, buyers will have to push the price through the resistance zone formed by 7000.00 round number and 7500.00 level where it was the local swing high. After that, SMA100 and SMA200 will be able to stop the upward movement as well. The breakouts above these resistances will become a good test for buyers. If they are strong, they will be able to reach the target. If they are not so strong, be ready to see a sideways movement or a new downward movement to 6000.0 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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