Bitcoin When to Buy

The market tried to reach 12000.00 level. As we can see now the price bounces from this zone and probably we'll see a short term downward movement. The bearish divergence gives us a trend reversal signal. MACD histogram supports downward movement. We must be ready to buy based on confirmed reversal signals from the support zones. For this, let's spot the possible zones where the market can be stopped and reversed. The 1st support zone is formed by 10000.00 level and SMA50. If the price bounces from this zone and we get a confirmed reversal signal, we'll be able to open long trades with stop orders below the local swing low and profit targets at 12000.00 and 13000.00 levels. The 2nd support zone is formed by 9000.00 level and SMA100. This zone looks more interesting for buying. Stop orders also should be placed below the local swing low and profit targets at 12000.00 and 12500.00 levels. If the market breaks the 2nd support zone, we should be ready to see further downward movement to 8000.00 and 7000.00 levels. It will give us new buy opportunities and these levels will be perfect for new long trades.