Bitcoin: False Breakout Vs True Breakout

The price is going to move above SMA100. What does it mean for us?

We can get a false breakout, and it is a new bullish signal. The price will reverse and try to break the local downtrend line. If this attempt is successful, it will be a trend reversal signal. I'm talking about the short term trend. If the price moves above the downtrend line, the 1st target for buyers must be at 9000.00 resistance. RSI confirms the price reversal. MACD histogram supports the further upward movement.

The market gave us a new swing low. If the price breaks this low, it will be a bearish signal. The main target for sellers will be at 8000.00 and SMA200.



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.