Bitcoin Becomes Bullish

The 4H chart looks good for buying. The main reason for this is an Inverse Head And Shoulders chart pattern which gives a strong trend reversal signal. This pattern must be confirmed by the price breakout above the signal line. If we so, we'll have a very good buy signal. Also, this signal line forms with SMA100 and downtrend line a strong resistance zone. This zone is very important for the market and price action at this zone will show the further price movements. If the price breaks this resistance, it will be a confirmation of further upward movement. The price will move to 10000.00 and 12000.00 resistance levels. Alternative variant: the price will bounce from the resistance zone and drop below 8000.00 level. After that we should be ready to see the market falling to 6000.00 support level. It will give us new trading opportunities and good levels for buying for long run.

評論:

The price broke the signal line of iS&H. The reversal chart pattern was confirmed. It's a good signal for buyers.

評論:

Now the price has to stay above the signal line (the neck line). We should be ready to see the short term retracement to the support zone between 9000.00-8500.00 levels. If so, it will give new buy signals and confirm further upward movement to 12000.00 level and the daily downtrend line.

評論:

The 1st resistance level was reached. Will it be a breakout with further upward movement to the downtrend line or the price move back to 9000.00 level, we'll see. But reaching 10000.00 level it should be a positive signal for the buyers and hodlers. The market becomes bullish more and more. It's good!

評論:

10000.00 resistance level was broken. The price moves to the next resistance zone formed by the downtrend line and 12000.00 resistance level. Waiting for new trading opportunities from the market.

評論:

The price is not far from the 2nd profit target. It's possible to fix the part of profit from the previous buy trades. If you prefer to hold in long run, just do nothing. The price will break the downtrend line and try to reach the previous market high at 20000.00 level. It's the question of time.