Bitcoin - Fake or True Breakout?
The price is trying to break the downtrend line and the resistance zone between 4200.00 and 4300.00 levels. RSI and MACD histogram support the upward movement. DMI becomes bullish. ADX line is below the signal level but it looks like it will move upward.
We are going to get a breakout. But for this, the close price will need to stay above the uptrend line at least. After that, the market will be able to continue developing the breakout and further upward movement.
It looks good for buyers and this breakout can be used for opening long positions. There is only one question. Will this breakout be true or fake?
If we look at the indicators, we have confirmation for possible upward movement. But if we look at ADX line it's too low. The same we can say about Volume. The true breakouts should be confirmed by good volume.
Probably the price will make an attempt to move above 4300.00 level and after that, we will see the falling to 4000.00 support or lower.
But firstly, let's wait for the close price of this daily candle. It will give us more details. Tomorrow, I will prepare the update for you.
We are going to get a breakout. But for this, the close price will need to stay above the uptrend line at least. After that, the market will be able to continue developing the breakout and further upward movement.
It looks good for buyers and this breakout can be used for opening long positions. There is only one question. Will this breakout be true or fake?
If we look at the indicators, we have confirmation for possible upward movement. But if we look at ADX line it's too low. The same we can say about Volume. The true breakouts should be confirmed by good volume.
Probably the price will make an attempt to move above 4300.00 level and after that, we will see the falling to 4000.00 support or lower.
But firstly, let's wait for the close price of this daily candle. It will give us more details. Tomorrow, I will prepare the update for you.
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