Bitcoin: Buying Opportunity from Support
Updated
Here is another weird movement from the BTCUSD market. This time the sellers could push the price downward. The price broke SMAs and 12 000USD support and reached 11 800USD. This level is acting as new support for the market, and we can open long positions from this zone following the reversal signal. The price bounced from 11 800USD, and we have the bullish signals from MACD and RSI. It gives us a new buying opportunity.
If we talk about a possible long trade, here is an example:
Buy above 11 925USD
Stop below 11 785USD
Profit Target at 12 485USD
Risk per trade should be no more than 5% of the trading capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If we talk about a possible long trade, here is an example:
Buy above 11 925USD
Stop below 11 785USD
Profit Target at 12 485USD
Risk per trade should be no more than 5% of the trading capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Note
Be careful with this long trade. The daily chart looks bearish. The price can't pass through 12 000USD resistance. Probably the buyers are not so strong right now. The price can retest 11 800USD and 11 700USD support levels. If you are not ready to take the risk for the exact long position, it will be better to fix the profit and exit from the trade.
Disclaimer
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