Bitcoin: Watch for Price Action at SMA50 and 40 000$ Resistance
XBT / USD KRAKEN:XBTUSD
The price moved below the support and SMA50 in the 1H timeframe. It gives us a bearish signal. If the price bounces from 40 000$ as new resistance, it will tell us about a possible downward movement toward SMA200 and the support between 36 000$ and 34 770$.
The price action in this zone will be able to give a new buying opportunity.
If the price moves above the resistance and SMA50, the uptrend will be continued. The main targets for the buyers will be 45 000$ and 50 000$ round numbers.
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