What’s up, traders!
There are strong signals, confirmed by technical analysis and chart patterns, that a new cycle of an upwards trend has begun on BTC/USD !.
As a result, it's highly probable that the short-term downwards retracement has ended.
If you’re holding any short positions on BTC/USD, I'd recommend closing them and reversing into a net long position.
Here is what I'm seeing based on the analysis of trend and chart patterns:
As shown in the analysis of the price chart, the resistance at $8,100 has been tested four times by the market over the past two weeks, and it’s been changing its polarity two times on May 26 and June 4 (transforming from resistance into support, and vice versa). The fact that the $8,100 level has changed its polarity once again on June 12 by becoming support - is a strong technical signal for short-term traders.
The price has broken above $8,100 by 2.5% and still remains there. The psychology behind this dynamic is that traders have come to a collective consensus that the Bitcoin price shouldn’t decline below $8,100 over the near-term. This chart pattern means that a new cycle of an upwards trend is beginning.
Importantly, the support at $7,500 has been tested three times by the sellers over the past week and wasn't broken. This price behavior suggests that the market is unlikely to move further downwards. This dynamic reinforces the upwards trend signal.
If we look at a chart on the Daily timeframe, we can clearly see a long-term ascending trend channel. The trendlines of this channel slope in an upward direction, within which the price has been making higher highs and higher lows over the past month. An ascending trend channel is a continuation pattern that confirms the upwards trend signal.
On a lower timeframe (M15-H1), there is also an ascending trendline. This signal, although a much weaker, indicates that the uptrend is beginning to evolve on smaller timeframes and is gaining momentum.
Technical indicators generate the following signals:
- A slow (30-days) exponential moving average is increasing.
- A fast (10-days) exponential moving average is increasing as well.
The EMA is a critical trend indicator, and the fact that both fast and slow EMAs are moving in the same direction reinforces the uptrend signal.
Stochastic oscillator (14,3,3), plotted on a daily timeframe, has reached an oversold range and has begun to increase.
Overall, this combination of signals from the Stoch(14,3,3) and EMA(30) indicators represent a very bullish market sentiment. It means that currently might be a good entry point and the speed of the uptrend is expected to increase.
Importantly, the trend in fundamental variables of the Bitcoin network continues to show healthy growth. Fundamentally, Bitcoin’s becoming an increasingly stronger cryptocurrency. In fact, both unique addresses used and daily confirmed transactions are holding steadily high, near the maximums achieved in the first quarter of 2019. Obviously, the economics behind this positive trend is strongly associated with an increase in demand for Bitcoin. Increased demand leads to an increase in the Bitcoin market price. Essentially, the positive trend in Bitcoin fundamentals reinforces the upward trend in the Bitcoin market price.
Astute traders interpret this as a positive signal, and a 15% correction over the past two weeks sends a clear signal - now is a good time to enter long (buy) Bitcoin at an attractive price.
Today the following signal is active:
- Buy Bitcoin at $8,100 (I recommended buying at $7,900 in my previous trade idea published on June 10)
- Stop-Loss: $7,400 - the next significant support level.
- Take-Profit: $10,000 - the next significant resistance level.
- Forecasted P&L: +$1,900 or +23.4% (or +234% per 1 Lot with 10x Leverage)
- Risk/Reward Ratio: 2.7x
If you agree - Like and post your comments down below!
This will be the best feedback and encouragement for me!
To your trading success,
Monfex!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
There are strong signals, confirmed by technical analysis and chart patterns, that a new cycle of an upwards trend has begun on BTC/USD !.
As a result, it's highly probable that the short-term downwards retracement has ended.
If you’re holding any short positions on BTC/USD, I'd recommend closing them and reversing into a net long position.
Here is what I'm seeing based on the analysis of trend and chart patterns:
As shown in the analysis of the price chart, the resistance at $8,100 has been tested four times by the market over the past two weeks, and it’s been changing its polarity two times on May 26 and June 4 (transforming from resistance into support, and vice versa). The fact that the $8,100 level has changed its polarity once again on June 12 by becoming support - is a strong technical signal for short-term traders.
The price has broken above $8,100 by 2.5% and still remains there. The psychology behind this dynamic is that traders have come to a collective consensus that the Bitcoin price shouldn’t decline below $8,100 over the near-term. This chart pattern means that a new cycle of an upwards trend is beginning.
Importantly, the support at $7,500 has been tested three times by the sellers over the past week and wasn't broken. This price behavior suggests that the market is unlikely to move further downwards. This dynamic reinforces the upwards trend signal.
If we look at a chart on the Daily timeframe, we can clearly see a long-term ascending trend channel. The trendlines of this channel slope in an upward direction, within which the price has been making higher highs and higher lows over the past month. An ascending trend channel is a continuation pattern that confirms the upwards trend signal.
On a lower timeframe (M15-H1), there is also an ascending trendline. This signal, although a much weaker, indicates that the uptrend is beginning to evolve on smaller timeframes and is gaining momentum.
Technical indicators generate the following signals:
- A slow (30-days) exponential moving average is increasing.
- A fast (10-days) exponential moving average is increasing as well.
The EMA is a critical trend indicator, and the fact that both fast and slow EMAs are moving in the same direction reinforces the uptrend signal.
Stochastic oscillator (14,3,3), plotted on a daily timeframe, has reached an oversold range and has begun to increase.
Overall, this combination of signals from the Stoch(14,3,3) and EMA(30) indicators represent a very bullish market sentiment. It means that currently might be a good entry point and the speed of the uptrend is expected to increase.
Importantly, the trend in fundamental variables of the Bitcoin network continues to show healthy growth. Fundamentally, Bitcoin’s becoming an increasingly stronger cryptocurrency. In fact, both unique addresses used and daily confirmed transactions are holding steadily high, near the maximums achieved in the first quarter of 2019. Obviously, the economics behind this positive trend is strongly associated with an increase in demand for Bitcoin. Increased demand leads to an increase in the Bitcoin market price. Essentially, the positive trend in Bitcoin fundamentals reinforces the upward trend in the Bitcoin market price.
Astute traders interpret this as a positive signal, and a 15% correction over the past two weeks sends a clear signal - now is a good time to enter long (buy) Bitcoin at an attractive price.
Today the following signal is active:
- Buy Bitcoin at $8,100 (I recommended buying at $7,900 in my previous trade idea published on June 10)
- Stop-Loss: $7,400 - the next significant support level.
- Take-Profit: $10,000 - the next significant resistance level.
- Forecasted P&L: +$1,900 or +23.4% (or +234% per 1 Lot with 10x Leverage)
- Risk/Reward Ratio: 2.7x
If you agree - Like and post your comments down below!
This will be the best feedback and encouragement for me!
To your trading success,
Monfex!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
Handel aktiv:
What's up, everyone!
The trade turned out to be correct!
Already in profit by 43.5% with 10x leverage
+$3,500 per 1 Lot
To your trading success,
Monfex!
The trade turned out to be correct!
Already in profit by 43.5% with 10x leverage
+$3,500 per 1 Lot
To your trading success,
Monfex!
Handel aktiv:
The signal has worked out well so far! In profit!
To your trading success,
Monfex
To your trading success,
Monfex
