Bitcoin How to Trade

Bitcoin broke the up line of the ascending price channel and made the new high. It was a good upward movement and now we must be ready to see a retracement. The market looks overbought and fixing profit based on the current levels it seems logical, of course if you don't trade in long run. Closing long positions will push the market down. We have at least 2 strong reversal signals: a reversal candlestick pattern and Bearish Divergence. Based on these reversal signals we should expect the market falling to possible support zones which give us buy trading opportunities. These zones are near 6000.00 and 5000.00 levels. They are formed by support levels based on round numbers, price channel lines and Fib levels. If the market reaches these zones, we'll have to wait for confirmed reversal signals for buying. New profit target will be at 8000.00 level.

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If the price moves above the previous high at 7600.00 level, it will be a confirmation of further upward movement. Probably we'll see new high at 8000.00 level. If the market can't break 7600.00 level, we should follow this trading idea.

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The ideas in this post about Bitcoin movements are still relevant.