Bitcoin: Key Zones for Buying
The market made a good upward movement from 10 600$ up to 11 500$ within several days. What's next?
The price formed a pennant chart pattern in the 4H timeframe. It belongs to a continuation group of chart patterns. If the price breaks the upper line, it will be a solid bullish signal in the direction of the main uptrend.
MACD and RSI tell us that the market can move down as well. It will be a correction in the uptrend, and we will get interesting trade opportunities at the support zones.
The 1st support zone where we should watch for a reversal, it is 11 252$ support. If the price can stay above this level, we will have a buying opportunity.
If the price breaks the support, the 2nd support zone will be at 11 000$ level. The price reversal from this zone will be good for buying.
All long trades must be opened with stop orders and proper money management!
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.
The price formed a pennant chart pattern in the 4H timeframe. It belongs to a continuation group of chart patterns. If the price breaks the upper line, it will be a solid bullish signal in the direction of the main uptrend.
MACD and RSI tell us that the market can move down as well. It will be a correction in the uptrend, and we will get interesting trade opportunities at the support zones.
The 1st support zone where we should watch for a reversal, it is 11 252$ support. If the price can stay above this level, we will have a buying opportunity.
If the price breaks the support, the 2nd support zone will be at 11 000$ level. The price reversal from this zone will be good for buying.
All long trades must be opened with stop orders and proper money management!
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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