Bitcoin: 9000USD Support and How to Trade
XBT / USD KRAKEN:XBTUSD
The daily chart looks bearish . I won’t be surprised if we see a new downside movement to the key support. I wrote about it in the previous post, which you can find in the related ideas. Please, read it in order to see the whole picture.
As for the 4H chart, the price bounced from the broken downtrend line and 9000USD support. It gave us a new swing low, which will be used as the key point supporting the downside movement if sellers can pass it.
Is it possible? Sure.
If the price can break the local downtrend line, we will be able to see an upside movement. Of course, we need active buyers for such movement.
The price reversal from 9000USD support area will give a new buying opportunity. Stop orders must be placed below 8800USD. The 1st profit target should be at 9500USD. The 2nd profit target should be at 9800USD resistance.
P.S. as I don’t use like-bots and other solutions that show great “interest” to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
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