#BTC 12h
The market continues to go sideways, despite the recent bullish divergence. The relevance of the positive scenario is strengthened by the formation of a possible reversal pattern of diamonds, as well as overcoming the resistance of the recent downward trend. But just do not forget about the earlier crossing of the MA50 and MA200, in this situation a deadly cross, which indicates a trend of further decline. In any case, while the market is in a state of lateral movement, opening long-term deals (both long and short) from current levels is rather risky. You can see the formed resistance of 6600 and 6800, as well as the support at 6100 and 5800. In general, price retention in this range indicates the market's desire to test resistance again rather than support, but strong buy signals are currently not observed and the market continues to go sideways .
The market continues to go sideways, despite the recent bullish divergence. The relevance of the positive scenario is strengthened by the formation of a possible reversal pattern of diamonds, as well as overcoming the resistance of the recent downward trend. But just do not forget about the earlier crossing of the MA50 and MA200, in this situation a deadly cross, which indicates a trend of further decline. In any case, while the market is in a state of lateral movement, opening long-term deals (both long and short) from current levels is rather risky. You can see the formed resistance of 6600 and 6800, as well as the support at 6100 and 5800. In general, price retention in this range indicates the market's desire to test resistance again rather than support, but strong buy signals are currently not observed and the market continues to go sideways .
Note
#BTC
Marked yesterday, the pattern gave the market the opportunity to work out the level of 6800, as suggested in the previous post. At the moment in the 4-hour scale we are in the Ichi cloud and to determine the further direction of the market we need to go out on the top (which will allow us to touch higher resistances, probably 7500) or on the lower edge (which will give a rollback closer to the support of 6100 , from where it will be possible to open a long position). Local support formed at around 6530, while we are higher than we have more chances for growth, but if the 12-hour candle closes below, then we should expect a short-term decline.
Note
#BTC
They dropped below 6530, but the current level keeps the price well. You can open a long position from the specified support range 6350-6450.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.