Bitcoin: Buyers Are in Control of the Market

The market made a very good upward movement. The buyers confirmed that they are in control of the price as well as they have power. The price reached 11500USD resistance zone and bounced from this zone. Today, the market is forming a doji candle that can tell us about a possible correction movement.

If the price moves down, it will be absolutely ok. Who bought Bitcoin following the breakout at 9200USD, they can fix at least the part of profit at 11000-11500USD. They have to sell in order to cover long positions, and it will push the price sideways or downward to the support zone .

The market is in a bullish trend , and we have to use a correction movement just in order to join the trend at the right time and in the right zone. If the price breaks the local high, the impulse movement will be continued. But I don't think to buy above 11500USD before the correction it is a good idea. From my point of view, the best zones for buying are the zone between 10500USD and 10000USD and SMAs . For this, we will use reversal signals with stop orders below the local swing lows and the support. Profit targets should be at 12000USD and 14000USD resistance levels.

The previous trade, which I described in this post, it reached the profit target. We can usee the same setup for searching for new trade opportunities.



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.