Yesterday I wrote about BTCUSD
based on the daily chart
. The price was going to break the downtrend line and start developing a further upward movement.
You can find this post below this one in the related Ideas.
If we look at the lower timeframe like the 4H, we can see that the price is going to reverse from 4100.00 level which acts as a resistance. RSI
confirms the price reversal. MACD
histogram supports a downward movement. DMI is bullish
, but ADX
line falls. It tells us that buyers lose their strength.
Based on these signals we should be ready to see the falling to the nearest support zone
formed by the local uptrend line, 4000.00 support level
, and SMA100. If the market gives us a reversal signal in this zone, it can be used for buying with stop orders below the local swing low and the profit targets at 4200.00 and 4500.00 resistance levels.