Bitcoin New Entry Levels

In spite of the bullish market in long run, the price could not break the resistance zone from the 1st attempt. We could see a price reversal from the downtrend line and downward movement. The price broke the uptrend line and SMA20 and now it's at a possible support zone formed by SMA50 and 10000.00 support level. RSI drops to the oversold zone. We should be ready to see a price reversal from this zone. If so, we'll be able to open buy trades based on a confirmed reversal signal. If the price breaks this support zone and moves lower, the next one will be at SMA100 and 9000.00 level. Probably we’ll get solid signals from indicators confirming the price reversal. This zone will be good for buying too based on a reversal signal. RSI will have to confirm price reversal. MACD histogram will have to support the upward movement. The profit targets for these long trades should be at the downtrend line. It will be better to fix the profit at the strong resistance line and open new long positions based on a breakout above the downtrend line and 12000.00 level.

Komentar:

The 1st support zone was reached. Keep an eye on the price action in this zone. Will 10000.00 support level hold the market?