In the previous posts I wrote about possible Bitcoin's downward movement. Now we can see that the market falls and we have to be ready to catch price reversal and open new long positions on proper levels. The support zone
formed by SMA100, 5500.00 support level
can be a good place for such reversal. RSI
is near the oversold zone and MACD
histogram is below the signal level. They can give good bullish
signals soon. If the price bounces from the support zone
confirms price reversal, we'll be able to open new buy positions. Estimated entry level will be above the high of the signal candle. Probably this price reversal will be the basis for further upward movement to 6500.00 - 7000.00 levels. But if the price breaks this support zone
we should be ready to see the market falling to 5000.00 level. Price action at 5000.00 level will be very important for further price movements. If the market bounces, we'll get a new buy signal. If the market drops below 5000.00 level, it will be able to reach 4000.00 also. Let's follow the price and trade based on the clear trading signals.