Bitcoin broke the up line of the ascending price channel and made the new high. It was a good upward movement and now we must be ready to see a retracement. The market looks overbought and fixing profit based on the current levels it seems logical, of course if you don't trade in long run. Closing long positions will push the market down. We have at least 2 strong reversal signals: a reversal candlestick pattern and Bearish Divergence. Based on these reversal signals we should expect the market falling to possible support zones which give us buy trading opportunities. These zones are near 6000.00 and 5000.00 levels. They are formed by support levels based on round numbers, price channel lines and Fib levels. If the market reaches these zones, we'll have to wait for confirmed reversal signals for buying. New profit target will be at 8000.00 level.
Comment: If the price moves above the previous high at 7600.00 level, it will be a confirmation of further upward movement. Probably we'll see new high at 8000.00 level. If the market can't break 7600.00 level, we should follow this trading idea.
Comment: The ideas in this post about Bitcoin movements are still relevant.
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What do you think of 1hour chart support at 5850 do you think thats bullish sign Lavrov?
+1 Reply
mmaakkee mmaakkee
@mmaakkee, 5850EUR* level.
mmaakkee mmaakkee
@mmaakkee, Nevermind, it was just small spike up.
Thank you for update
+3 Reply
I bought BTC at 4000 by 1 Day chart. Should I close my long position now at 6700 or should wait for the price to cut down that long term trendline before I decide to sell it?

slfmd Lalafell
@Lalafell, Personally I would have let that go a few hundred dollars ago.
@slfmd, was going to close it at 7100 but it came down to 6700 so fast and I do not want to sell it anymore lol.
slfmd Lalafell
@Lalafell, I feel you. It's easy for me to buy (when I think its low) but so hard for me to sell when it's going up even if I think it's the top.
deonjoubert Lalafell
@Lalafell, Hold for the long haul.
Saylo Lalafell
@Lalafell, in the long run, that 4000 will be 10,000, then 12,000, then 15,000 etc. My advice, keep at least a portion for the long-term if you want to trade.
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