Bitcoin: Possible Reversal with Buy Signal

All your attention must be focused on the price action at 7100.00 support zone. Now it is the key level, and if the price breaks it, be ready to see an attempt to drop below 7000.00 and move to 6500.00 support.

At the same time, a price reversal from this zone will be able to give us a new buy opportunity for short term trading with the target at 7280.00 resistance.

Don't forget that sellers can try to break 7100.00, but if they don't have power, we will get a false breakout. It will be another bullish signal.

RSI has reached the oversold zone. It tells us that the market can bounce from the support.

Watch for the price action and follow the market. Don't forget about proper money management.

Comment:

The price could break the support. It is a bearish signal. We have to wait and watch for the further price movements at 7100.00 support. Will sellers develop the downward movement?

If we look at the 4H chart, we can see RSI line in the oversold zone. Probably, the price will try to move above 7100. If so, it will be a false breakout.

If buyers do nothing during the next week, I won't be surprised to see the price at 6500.00 support.