Bitcoin: Trade Opportunities at SMA200
The price reached SMA200 and bounced from it. We got a buying opportunity based on the reversal signal in the direction of the main uptrend. Is it possible to buy following the reversal signals? Yes, why not? If your trading strategy has such an option and you use reversal signals from MAs, you have all rights to open a new long position.
I prefer to wait for a breakout above the local downtrend line. In this case, it will be good to get an additional bullish signal. If the price breaks the local downtrend line and moves above SMA50 and SMA100, it will confirm that the buyers are strong. If so, they will be able to push the price up.
If the price bounces from the resistance zone formed by the downtrend line and SMA50 and SMA100, we should be ready to see the further downward movement. The breakout below the local swing low will confirm the sellers' strength. It will be a solid trend reversal signal supported by bearish signals from the daily timeframe.
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.
I prefer to wait for a breakout above the local downtrend line. In this case, it will be good to get an additional bullish signal. If the price breaks the local downtrend line and moves above SMA50 and SMA100, it will confirm that the buyers are strong. If so, they will be able to push the price up.
If the price bounces from the resistance zone formed by the downtrend line and SMA50 and SMA100, we should be ready to see the further downward movement. The breakout below the local swing low will confirm the sellers' strength. It will be a solid trend reversal signal supported by bearish signals from the daily timeframe.
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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