Bitcoin: New Buying Opportunities at 16 000$ Support

It is obvious that for the market 16 000$ and 14 000$ are very important. You can see how the price moved in the past around these numbers.

The price bounced from 16 000$, and we got the 1st buy signal in the direction of the main bullish trend. Probably the price will try to break 16 000$ again. But this zone is supported by SMA200 now. We should be ready to see the price reversal and a new upward movement from this zone. The market will give us new buying opportunities in the timeframes starting from 5 minutes.
RSI and MACD confirmed the price reversal, and they are supporting a possible upward movement.

If the price breaks 16 000$ and SMA200, we should be ready to see a downward movement toward 14 000$. The price action at this zone will give us new bullish setups.

I started building new long positions in BTCUSD and altcoins markets.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.