Bitcoin Entry Levels

The support zone at 10000.00 level holds the market from further falling. This zone is strong and it can be a starting point for new upward movement to the previous highs. Based on the new information from the market, let's try to spot possible entry levels in order to join to the price movement on time. If the price bounces from the support zone and RSI confirms it, the 1st entry level should be above 12000.00 resistance. Stop orders will be placed below the support zone. Profit targets for such trades should be at 17000.00 and 20000.00 resistance levels. Now MACD histogram supports the possible upward movement and we should wait for a breakout above 12000.00 level. The 2nd entry level can be above the downtrend line. If the price breaks this line, it will be a signal that the correction is over and we should join to the main uptrend. These long positions also will be opened based on the breakout. Stop orders for these trades should be placed below the local swing low. Profit targets will be 20000.00 and 25000.00 levels.

Comment:

The price bounces from the support zone and gives buy signals on lower time frames. Probably we'll see the upward movement to the downtrend line within several days. The current levels are good for buying in long term.