Bitcoin: 10 000$ as the Key Support and 16 000$ as New Target
XBT / USD KRAKEN:XBTUSD
If we look at the price action at the support, probably we should change our bearish plan into the bullish one. The market gives us a doji candle above the support zone formed by SMA20 and 10 000$ support level . In the daily and hourly timeframes, we could see failed attempts to break this zone. If during this week the sellers also fail with this task, the weekly chart will be able to give us the 2nd green candle. If so, we will have all reasons to talk about the price reversal from the support and the continuation of the bullish trend . The reversal signals from the weekly, daily, and hourly charts will be used for buying with stop orders below the local swing lows and 10 000$ support. The profit targets will be different and depend on your trading style. For short term traders, 12 000$ will be good as the main profit target. For swing traders, the profit targets can be at 12 000$ and 14 000$. For long term traders, 14 000$ and 16 000$ will be good for fixing profit.
And what do you think about the further market movement during the next several weeks? Share your trading ideas in the comments!
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.
Source: TW DLavrov