2021-03-24 16:50:12
#BITCOIN #CRYPTO
I talked about the possible downward movement and a bullish market in the previous post. And you know what? In spite of the upward movement, the bearish model keeps chances to step in play.
But firstly, we need to understand WHY the price reversed and moved upward. If we look at the 4H chart, we will see the price reversal from the support formed by the daily uptrend line and SMA200. The price could break it and we would have a strong bearish signal.
The price bounced from the support and it is moving upward .The local downtrend line will tell us about the further price movement. If the price breaks it, we will see an attempt to reach the ATH and maybe update it. If the price bounces, we should be ready to see a downward movement toward 53000$.
Also, we have to take into consideration the fact that TA from the daily and weekly timeframes tell us about a downward movement. The breakout below the daily uptrend line will active the double bearish model and it will be the strong bearish signal in the direction of 42 500$ and even 30 000$.
And what do you think, in which direction the market will move within several weeks?
- UP
- SIDEWAYS
- DOWN
https://www.tradingview.com/x/P6u41yZ4/
1.5K views13:50