Bitcoin Market Overview

Let's use the tools of Technical Analysis and try to predict possible price movements. We can see that the price reached the up line of the ascending price channel. Mainly markets bounces from such zones and this time we also should be ready to price reversal with further downward movement. We have at least 2 solid signals confirming the price reversal - it's a reversal candlestick pattern and RSI reversal in the overbought zone. I offer you to compare this possible high with the previous one. The market can repeat the previous price movement. The difference can be only in size of correction movement. The previous correction movement was supported by fundamental factors. Will we have the similar news for pushing the market down? We'll see. But this time it looks like we'll have a retracement to 5000.00 level with quick bouncing and a new upward movement. Also it can be a variant with consolidation around 5000.00 level and further upward movement. The market can drop below 5000.00 level and reach the trend line. If so, we'll get a very interesting level for buying. But this variant seems not so real as the price reversal from 5000.00 level. We have to consider now 5000.00 as the key level for further price movements. Let's watch closely for price actions near the up line of the price channel and the zone at 5000.00 level, if the market reaches it. We must be ready to act based on the confirmed signals from the market in order to get new trading opportunities on time.

Kommentar:

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Kommentar:

This trading idea still workable. The price reached a new possible reversal zone formed by the uptrend line and 6000.00 resistance level. Be careful with profitable positions. Markets in such zones mainly are reversed. Don't forget about it and be ready to act based on price action in this zone.