Bitcoin - Market Overview and Possible Trading Opportunities

When the price bounced from the support zone formed by 9000 and SMA100, it was the 1st signal telling us about the possible upward movement. When the price broke the local downtrend line and moved above 10 000 resistance, it was a good buy signal. If you could open long positions based on that buy signal, you must be in profit now.

The price reached 12 000 level, and it can stop the market. We see a candle which will be able to provide us a reversal signal or a signal that the market needs a break. The close price of the daily candle will confirm this statement. For this, the close price should be not far from the current levels.

The reversal from 12 000 resistance will be able to push the price back to 10 000 support. The breakout above 12 000 will open the road to the previous local swing highs at 13 800. For better understanding the further market movements we should watch for the price action at 12 000 resistance.

If you want to trade this market, it is better to wait for another correction and buy based on confirmed reversal signals.
Shorting in the bullish market is not a good idea.
Buying based on the current prices is not a good idea also, as the market already has made the strong upward movement.

And what do you think about further market movement?
Share your thoughts below this post.