Ideal reversal zones would be close to the levels of the former channel before the price broke upwards. These levels should be tested and entries should be opened if the trend is reversed from these zones.. If the price won't hold either of these, then it's important to wait until the market is giving a new trading opportunity and let the market calm down.
Breaking downtrend line is also giving us a new trading opportunity. Be careful while trading and remember to use stop-loss orders.
Do not trade falling knives or if you unsure about when to enter. Stay safe instead losing your money on unsure trade. :)
Buy: Above 2.09
Partial Profit Target: 2.3
Main profit target: 2.4
Longer term Targets: 2.8 & 3
Stop Loss: 1.7
Things to Remember:
-> Stop-loss orders are strongly recommended.
-> Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
-> Do your homework before investing.
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Price reversed from the first zone and managed to breach downtrend line which confirmed upward movement. To move further upwards the price needs to break above swing high 2.09. Another support zone marked on the chart.
Same buy target is still valid.
If you had patience, it finally reached buy target and these targets are still valid.
Noteworthy is that bitcoin might have soon new bull run and it might affect the prices overall.
Few noteworthy things:
There are few things that are pointing that the price might reverse soon downwards and I recommend to be extra carefulness and wait for new trading opportunities. I don't trade fomos because they are risky + it's good time to practice patience.
MACD histogram is helping to determine trend changes and at the moment it is supporting the idea of trend reversal together with RSI. Note on the chart that it is forming Bearish Regular Divergence.
If the price breaks 3.04 resistance level that would indicate that the price wants to seek higher prices (Box area). Be careful while trading!
Bearish Divergence it was..
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