Bitcoin Short Term Trade

If the price bounces from the support zone and breaks the downtrend line, we'll get a signal confirming the uptrend. In spite of the market looks overbought, we should expect for such price movement, because the support zone is rather strong and it's formed by SMA100, the uptrend line and 18000.00 level. In order to catch possible upward movement, we can place pending orders for buy at 19050.00 level with stop orders at 17850.00 level. Profit targets should be at 20000.00 and 21000.00 levels. Using this trading signal you have to note 2 things: the market is overbought and it can drop much lower. Don't forget to place stop orders and use small trade volume.

Comentarios:

The buy orders were not activated. If the price breaks the uptrend line, probably we'll see further downward movement to the next support zone at 17200.00 level. This zone will be good for buying based on confirmed reversal signals.