Bitcoin: Trend Reversal Signal with 10 000USD Target
The buyers could not keep the price above 12 000USD. We got a false breakout with a further downward movement toward SMA20. Now, this line is acting as a support, and if the price breaks it, we will get a solid bearish signal. The road to 10 000USD will be opened.
If we look at the daily chart, we also can see a bearish divergence. It is a solid trend reversal signal. Probably we won't see a new bearish trend, but a deep correction movement is possible. MACD and RSI are bearish. DMI doesn't support buyers, and it is another bearish signal.
I decided to fix the profit from long positions and wait for new trade opportunities from MAs and the key support zones. Short term buy trades were closed by stop orders, and I don't want to follow new buy signals.
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.
If we look at the daily chart, we also can see a bearish divergence. It is a solid trend reversal signal. Probably we won't see a new bearish trend, but a deep correction movement is possible. MACD and RSI are bearish. DMI doesn't support buyers, and it is another bearish signal.
I decided to fix the profit from long positions and wait for new trade opportunities from MAs and the key support zones. Short term buy trades were closed by stop orders, and I don't want to follow new buy signals.
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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