Bitcoin: 8000.00 as the Key Support
The price bounced from 10000.00 and moved downward. We got 3 strong bearish candles. They confirm the strength of sellers. MACD and RSI support the downward movement as well. The market is bearish, and we should be ready to see the further downward movement to the important support lines and levels.
The price reached the 1st support line, and it is SMA200. Will the price be reversed in this zone? Now we can't say. If buyers don't want to buy Bitcoin at that nice price, the market will be able to reach the 2nd support. It is SMA100, which forms the support zone with 8000.00 support level. This zone looks solid, and if the price reaches it, we will be able to get a good buy opportunity. I would like to add trade volume to my long positions in this market, buying from 8000.00 support. For me, it is the main support zone!
And the 3rd support zone will be at the main uptrend line. The market will be able to reach this zone as well, but I think the market will be reversed very quickly and we will continue the main uptrend.
Bitcoin is falling, and it is amazing! We will be able to get good trade opportunities in this market! The same goes for altcoins!
Disclaimer!
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.
The price reached the 1st support line, and it is SMA200. Will the price be reversed in this zone? Now we can't say. If buyers don't want to buy Bitcoin at that nice price, the market will be able to reach the 2nd support. It is SMA100, which forms the support zone with 8000.00 support level. This zone looks solid, and if the price reaches it, we will be able to get a good buy opportunity. I would like to add trade volume to my long positions in this market, buying from 8000.00 support. For me, it is the main support zone!
And the 3rd support zone will be at the main uptrend line. The market will be able to reach this zone as well, but I think the market will be reversed very quickly and we will continue the main uptrend.
Bitcoin is falling, and it is amazing! We will be able to get good trade opportunities in this market! The same goes for altcoins!
Disclaimer!
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.
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