Bitcoin - How to Trade Support and Resistance. Part II

The 4h chart of Bitcoin gives some information about possible price movements. Several patterns and indicators help determine potential targets and resistance zones. We can see that the market moves around 7250.00 level. We should expect for downward movement to 6970.00 level at least. This is a support level which can stop and reverse the market. If the market drops below 6970.00 level, the market will drop to 6390.00 support level and uptrend line. As for other variant, which looks realistic, the market will bounce from the support zone and move upward to 7500.00 resistance level and higher. If price goes over 7500.00 level, opens targets 8000.00 and higher.

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Trade active:

The price broke the resistance line and increased.
This trading idea still workable. Be careful with profitable positions. Markets in such zones mainly are reversed.

Trade closed: target reached