Bitcoin: 20 000$ Key Resistance and How to Trade
We should watch closely for the price action at 20 000$ resistance.
If the price breaks it, we will see an attempt to make a new historical high. But will the buyers be able to keep the price above 20 000$? Will it become new support?
I don't recommend to use the breakout as a signal for buying.
If the price reverses or we get a false breakout, it will be a bearish setup. But again, I don't think it will be a good idea to short the market.
How to trade?
The previous long positions reached the profit target. I fixed the part of the profit and moved to stop orders to the breakeven.
If the price bounces from 20 000$ and moves downward, I would like to use a new reversal from support to open new long positions.
What do you think about a possible bullish setup from 17 000$?
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price breaks it, we will see an attempt to make a new historical high. But will the buyers be able to keep the price above 20 000$? Will it become new support?
I don't recommend to use the breakout as a signal for buying.
If the price reverses or we get a false breakout, it will be a bearish setup. But again, I don't think it will be a good idea to short the market.
How to trade?
The previous long positions reached the profit target. I fixed the part of the profit and moved to stop orders to the breakeven.
If the price bounces from 20 000$ and moves downward, I would like to use a new reversal from support to open new long positions.
What do you think about a possible bullish setup from 17 000$?
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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