Bitcoin Trading Opportunity

The price reverses from SMA50. RSI confirms price reversal in the oversold zone. MACD supports upward movement. ADX line of DMI indicator falls and it allows to open long trades. The price breaks one of the downtrend lines and it confirms further upward movement. But there is the 2nd downtrend line which also should be take into consideration. This line will give an additional confirmation, if the market can pass through it. We can buy from the current levels, but trade volume should be small. Stop orders can be placed below the local swing low at 5060.00 level. Profit targets are at 5800.00 and 6000.00 levels. The Risk/Reward ratio is not good and may be it's better to focus on altcoins which have more potential for upward movements.

Comment:

The price is going to pass through 6000.00 level. Round numbers, like 6100.00, 6200.00 6300.00 and so on, can stop the upward movement. The market is overbought and it will be good to think about fixing a part of profit based on such levels. The small trade volume can be left for long run and higher targets. It's just my variant of managing profitable trades. You should follow your trading plan and exit based on your profit targets.