Bitcoin Entry Levels

The price reached the up line of the ascending price channel. This zone could stop and reverse the market and we saw downward movement from 6200.00 to 5400.00 level. Also we can draw a Head & Shoulders chart pattern which gives a trend reversal signal too. This pattern will be realized as a reversal one, if the price breaks the signal line and drops below 5500.00 level. If so, we should expect downward movement to the zone between 5000.00 support level and the trend line. This zone will be good for opening long trades based on reversal signals. Alternative variant: if the price bounces from the signal line and moves upward, breaking above the right shoulder will give us a confirmation of further upward movement. We can place pending orders for buy above 6000.00 level in order to catch such price movement. Stop orders for all possible long trades must be placed below the local swing lows and the main profit target can be 6500.00 level. The part of trade volume should be left for long run.