Bitcoin: Support Zone Holds The Market

The price moved back to the downtrend line from the daily chart. If we look at the 4H chart, we can see why the price did not move lower.
We have a support zone formed by SMA100, SMA200, the local uptrend line, and 7350.00 support level.

If the price can stay above this zone, it will be able to become a starting point for further upward movement. If the price breaks this zone, we should be ready to see falling to 6500.00 support.

Yesterday I wrote about a possible buy opportunity based on the breakout signal. You can find this trading idea below this post. Even if the price drops to 6500.00 or 6000.00, that trading idea will stay workable. If the market moves to the bottom, we should use this situation as a new opportunity to get better prices for new long positions.