In the previous post for Bitcoin, I wrote about the possible trend reversal and a correction movement. That trading idea is still workable and you can find it in the related ideas below this post. The market dropped from 7600.00 level and now it's at 7000.00 level. This support zone seems very important for the market and further price movements. It's formed by 7000.00 level and SMA50. We can see that the price bounced already from this zone and it made a new attempt to move above the previous high. If the market can't break this support zone and drop lower, probably we'll see a new upward movement to 8000.00 level. If you like high risk trades, this opportunity for you. Entry level can be above the local high at 7300.00 with stop at 6800.00 level. Profit targets are 7600.00 and 8000.00 levels. Also if the market moves above 7600.00, the trend reversal signal will be changed into a signal confirming the uptrend continuation. But what if the price breaks 7000.00 support level? In such way you know what to do, read my previous trading idea for Bitcoin.
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The strong bearish candle after making a new high can be an additional signal of possible correction.