Bitcoin: Possible Buy Signal from 17 600$
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If you are a trader who is searching for any buying opportunities, the 4H timeframes will be glad to provide you a bullish setup.
The price reached the support zone formed by SMA200 and 17 600$ and we got a reversal signal. RSI and MACD histogram supported the price reversal and provided bullish signals. Also, we have bullish signals from a bullish divergence and a possible double bottom. If the price stays above 17 600$ and breaks the local downtrend line, we will probably see a new upward movement toward 20 000$.
But for me, this buying opportunity doesn't look solid as I believe that the market keeps the potential to move downward. I think the market has everything to reach 17 000$, 16 000$, and even 14 000$ levels. I would like to watch for further price action at 17 600$ and wait for other bullish signals and trade opportunities.
I don't care if I skip this trade, and the market will move without me. I want to watch for the market, and what about you?
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 reached the support zone formed by SMA200 and 17 600$ and we got a reversal signal. RSI and MACD histogram supported the price reversal and provided bullish signals. Also, we have bullish signals from a bullish divergence and a possible double bottom. If the price stays above 17 600$ and breaks the local downtrend line, we will probably see a new upward movement toward 20 000$.
But for me, this buying opportunity doesn't look solid as I believe that the market keeps the potential to move downward. I think the market has everything to reach 17 000$, 16 000$, and even 14 000$ levels. I would like to watch for further price action at 17 600$ and wait for other bullish signals and trade opportunities.
I don't care if I skip this trade, and the market will move without me. I want to watch for the market, and what about you?
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.
Nota
Watch for the price action at 18 500$ resistance. If the price breaks it, probably we will see a new attempt to reach 20 000$. If the price bounces from 18 500$, we will be able to move back to 17 600$. The price action at this support will show us further market movement.
Penafian
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