Bitcoin - The Falling Is Coming

It's time for a correction movement in the structure of the main uptrend. Buyers failed to push the market upward. Now we can say that the market formed a new resistance zone between 5000.00 and 5300.00 levels. You should see the price action at 5300.00 on the hourly timeframes, just in order to understand better why this level is important for the market.

A new bearish candle is going to become a solid confirmation that the price will bounce from the resistance zone. For getting this confirmation, the close price of the daily candle should be below the open price of the previous candle. If so, we will get a reversal candlestick pattern. The falling below 5000.00 support level will give an additional signal confirming the further downward movement.

Let's look at the indicators. RSI confirms the price reversal and we get this signal from the overbought zone. MACD histogram supports the downward movement. MACD lines are going to provide a bearish signal too.
DMI is bullish and confirms the uptrend and the strength of buyers. But DMI is a lagging indicator, and it is only one which provides a bullish signal.

How to trade? The buying at the resistance zone does not look like a smart idea. The price is going to correct the previous upward movement. We should expect the falling to the strong support zone between 4200.00 and 4000.00 levels. This zone will be good for buying based on reversal signals with stops below the local swing low.
There is one more support zone at SMA200, but this zone does not look so interesting as the support at 4000.00 level.

Shorting from 5000.00 level also does not look like a good idea. The market can reverse very quickly and continue the upward movement to 6000.00 resistance level. If you can't close short trades in time, you will have some problems with your short positions. It will be better to wait for the correction movement and buy based on reversal signals from strong support zones.

P.S. If you want to become a professional trader and succeed in the financial markets, you should read these 3 articles:
They will help you to move in the right direction and protect your capital.
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5000.00 support still holds the market! But how the price will act during the weekend? If buyers are not active, the market will be able to break the support and move downward.