Bitcoin: Market Review Using TA Tools
Here is an example of the market review based on the simplest tools of TA as lines and levels in combination with the 4H timeframe.
The price has moved up in the borders of the price channel. The local high was 12 500USD, where we got the price reversal from the resistance zone with the further downward movement toward the main uptrend line.
The price bounced from the uptrend line, and the buyers tried to push the price upward. They failed, and we got a new swing high lower than the previous one. We could expect a breakout below the main uptrend line and a new swing low. When the price dropped below 11 600USD, we got the lower swing low. The market formed a bearish structure with lower Highs and Lows.
The downtrend in the 4H chart is supported by the bearish signals from the daily timeframe. If the price can stay below the downtrend line and the broken uptrend line, we will see the continuation of the downtrend. The 1st target for sellers will be 11 000USD support. The breakout below this support will open the road to 10 000USD as the 2nd target for sellers.
For coming back into a bullish structure, the price will have to break the local downtrend line, move above the broken uptrend line and break 12 000USD resistance. The market will give us a new swing high higher than the previous one. The 1st target for the buyers will be the previous market high at 12 500USD.
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 has moved up in the borders of the price channel. The local high was 12 500USD, where we got the price reversal from the resistance zone with the further downward movement toward the main uptrend line.
The price bounced from the uptrend line, and the buyers tried to push the price upward. They failed, and we got a new swing high lower than the previous one. We could expect a breakout below the main uptrend line and a new swing low. When the price dropped below 11 600USD, we got the lower swing low. The market formed a bearish structure with lower Highs and Lows.
The downtrend in the 4H chart is supported by the bearish signals from the daily timeframe. If the price can stay below the downtrend line and the broken uptrend line, we will see the continuation of the downtrend. The 1st target for sellers will be 11 000USD support. The breakout below this support will open the road to 10 000USD as the 2nd target for sellers.
For coming back into a bullish structure, the price will have to break the local downtrend line, move above the broken uptrend line and break 12 000USD resistance. The market will give us a new swing high higher than the previous one. The 1st target for the buyers will be the previous market high at 12 500USD.
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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