Bitcoin: Resistance Zone and Possible Pullback

What's new in BTCUSD market?

I wrote about buy opportunities based on breakout and reversal signals in the previous posts. You can find them in the related ideas. That trading ideas are still workable.

As for the situation which we have now, the price is at the resistance zone formed by 7600.00 and 7700.00 levels. Also, we have SMA with 500 period not far from this zone. We should be ready to see a price reversal and a short term downward movement to 7085.85 and the local uptrend line.

MACD histogram supports a possible reversal and the further downward movement. RSI is not far from the overbought zone. We can't say that the market is overbought, but the pullback from the resistance zone also should not surprise us.

If we talk about possible buy opportunities, I would like to wait for a breakout above 7700.00 and SMA500, or wait for the correction to the uptrend line and buy based on a confirmed reversal signal.