Bitcoin How to Trade

Let's look at the daily chart of Bitcoin and try to spot possible entry zones. The market formed a Symmetrical Triangle, which belongs to a continuation pattern. If the price breaks the resistance line of this pattern, it will be a signal confirming the continuation of the uptrend. We'll be able to open long trades based on a breakout signal. Profit targets should be at 20000.00 and 24000.00-25000.00 levels. The market corrected the previous upward movement and now it has potential for reaching new highs. The other possible entry zone can be not far the current price. The price bounced from the 1st support zone and it can give us new trading opportunities based on reversal signals from lower time frames. The profit targets for such long trades can be the resistance line of the triangle, 17000.00 and 20000.00 resistance levels. And one more variant, if the price breaks the support line of the pattern, we should be ready to see downward movement to 10000.00 and 8000.00 levels. These zones also will be good for searching new trading opportunities.

Comment:

Probably the price will reach 8000.00 level too. It's possible to open long positions from the 2nd support zone using small trade volume. These trades will be good for long run.