Bitcoin Key Zone

Let's look at the daily chart of Bitcoin and draw Fib Retracement grid. Now we can see that the market reached a strong support zone formed by 3500.00 support level, 0.5 Fib level and the uptrend line. This is the key zone. If the market can't breaks it, we should expect for a new upward movement. We must watch closely for price action in this zone. We must be ready to open long trades. Alternative, if the price drops below this zone, the next one will be at 3000.00 support level. This zone is formed by the support level, 0.618 Fib level. It will also have power to stop and reverse the falling market. This zone will be a good place for opening new long trades. Let's wait for clear signals and follow the market.

Kommentar:

For confirmation the further upward movement, the market will have to move above the previous high - it's 4120.00 level.

Kommentar:

The market tries to break 4000.00 resistance level. Watch closely for price action in this zone based on hourly time frames. If the price moves above the previous high at 4114.28, it will be good confirmation of further upward movement.