Bitcoin - Short Term Correction Is Possible
Updated
Yesterday I wrote about BTCUSD based on the daily chart. The price was going to break the downtrend line and start developing a further upward movement.
You can find this post below this one in the related Ideas.
If we look at the lower timeframe like the 4H, we can see that the price is going to reverse from 4100.00 level which acts as a resistance. RSI confirms the price reversal. MACD histogram supports a downward movement. DMI is bullish, but ADX line falls. It tells us that buyers lose their strength.
Based on these signals we should be ready to see the falling to the nearest support zone formed by the local uptrend line, 4000.00 support level, and SMA100. If the market gives us a reversal signal in this zone, it can be used for buying with stop orders below the local swing low and the profit targets at 4200.00 and 4500.00 resistance levels.
You can find this post below this one in the related Ideas.
If we look at the lower timeframe like the 4H, we can see that the price is going to reverse from 4100.00 level which acts as a resistance. RSI confirms the price reversal. MACD histogram supports a downward movement. DMI is bullish, but ADX line falls. It tells us that buyers lose their strength.
Based on these signals we should be ready to see the falling to the nearest support zone formed by the local uptrend line, 4000.00 support level, and SMA100. If the market gives us a reversal signal in this zone, it can be used for buying with stop orders below the local swing low and the profit targets at 4200.00 and 4500.00 resistance levels.
Note
The price did not drop to the support zone and also it could not break the resistance level. The price moves below 4100.00 and the falling still is more logical. RSI and MACD support the downward movement. Will the sellers be able to push the price lower? We will see. The best buying zone for short and medium terms is at the uptrend line. 
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