Buy Bitcoin!!!! set a buy stop at 2405.00$

The daily chart of Bitcoin gives a signal that probably the market is going to reverse and start upward movement. A bullish candle shows that the market bounces from 2200.00 support level . RSI confirms price reversal but MACD and DMI -0.53% still show downward movement. We have a price reversal signal and it's possible to think about opening long trades based on lower time frames. But still we don't have a solid confirming that the market starts upward movement.

That's why we must be careful with our long trades and don't use big volume for buying. We have to find possible entry levels and for this we can use the 4H chart. Based on this chart we can see that price moved upward after bouncing from 2200.00 support level . The market was stopped and reversed by MA20 and we got a local 0.37% swing high. Now we have the possible entry level based on this high and if price breaks it, we'll have a confirmation for possible upward movement. So we can place buy-stop pending orders at 2405.00 level with stop below 2170.00 level. Profit target should be at 2600.00 resistance level and a part of trading volume can be used for long term trading. Don't forget that MACD histogram and DMI -0.53% also will have to confirm the breakout and upward movement.

Bitcoin / Tether USD (POLONIEX:BTCUSDT) 2236.00000000 -91.26714325 -3.92%

source tradingview.com

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