Bitcoin: Bullish Trend in 1H Timeframe
XBT / USD KRAKEN:XBTUSD
The 1H timeframe shows us how the market is going up. We can draw an ascending price channel using high highs and high lows. Such a structure also tells us about an uptrend.
If we have the bullish market at least in the 1H chart, it is possible to trade in the direction of the local trend. Long trades should be opened at the uptrend line with stop orders below it.
If the price breaks the uptrend line, it will be a trend reversal signal. The market will be able to start a new bearish trend . For this, we need a breakout below 9000USD support. But if this support can stop sellers, we will see a sideways movement above 9000USD support.
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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