Bitcoin: 12 000USD as the Key Resistance for Buyers
The price stays below 12 000USD resistance. Yesterday, we could see an upward movement toward that resistance. Today, we could expect a breakout and the continuation of the uptrend. But we got the continuation of a sideways movement. Probably the market needs more time in consolidation, and now we do not so many strong buyers and sellers with the exact plan supported by a fundamental catalyst.
If we look at MACD and RSI, they provide us bearish signals. DMI is bullish, but ADX line is moving down. It means that the buyers are not so strong, and we can expect a sideways or downward movement.
If the price breaks the local uptrend line and moves below 11 000USD support, it will be a bearish signal with the main target to 10 000USD. I would like to see such a movement as it will give us an amazing buying opportunity. But what are the reasons supporting such movement?
I think, we should expect a breakout above 12 000USD and the local swing highs. It will push the price higher. I want to believe that the buyers were active yesterday because they increased the number of long positions. If so, we will see a new upward wave in the direction of the main trend. It will give a new buying opportunity in different timeframes. Now we should trade in a choppy market, and of course, it can provide a lot of false signals. Be careful and good luck!
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 MACD and RSI, they provide us bearish signals. DMI is bullish, but ADX line is moving down. It means that the buyers are not so strong, and we can expect a sideways or downward movement.
If the price breaks the local uptrend line and moves below 11 000USD support, it will be a bearish signal with the main target to 10 000USD. I would like to see such a movement as it will give us an amazing buying opportunity. But what are the reasons supporting such movement?
I think, we should expect a breakout above 12 000USD and the local swing highs. It will push the price higher. I want to believe that the buyers were active yesterday because they increased the number of long positions. If so, we will see a new upward wave in the direction of the main trend. It will give a new buying opportunity in different timeframes. Now we should trade in a choppy market, and of course, it can provide a lot of false signals. Be careful and good luck!
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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