Hello, traders!
Here is an expert technical analysis for Bitcoin prepared by Monfex Research. We evaluate the current market trend and interpret existing chart patterns and technical indicators, PLUS we provide an active trading strategy with a trade signal.
Enjoy reading this trade idea, and you’ll get exact instructions on how to trade Bitcoin and make profitable deals!
Based on technical analysis, there are numerous strong signals, suggesting that the uptrend for BTC/USD is active and is going to continue.
In particular:
The price has broken through and above a psychologically strong resistance level at $6,000. The breakthrough was significant and the Bitcoin market price has risen to $6,190. I expect the condition of heightened volatility on BTC/USD to preserve over the next week and price spikes both upwards and downwards are possible.
I'm seeing that, technically, a short-term correction downwards is likely at this point, since a 10.8% price increase (measured from the past week’s low to high) has likely triggered numerous stop-losses for leveraged short positions and take-profits for long positions at $6,000, which will create a temporary selling pressure. There are certain indications of a possible intraday correction downwards by 3-4% towards $5,800. On the other hand, the analysis of trendlines indicates that the Bitcoin price has already adjusted downwards from the past week’s high at $6,190 to the trend channel’s mean at $5,950 and, so, the trend UPWARDS may well resume at this point.
In any way, I see strong indications that an uptrend is expected to resume towards the next target at $6,500.
We still have a strong pattern of an acceding 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 two months. This dynamic represents a strong continuation chart pattern that confirms an upward trend signal.
A 30-day Exponential Moving Average is increasing. EMA (30) is an important trend indicator that confirms signals from other technical analysis tools.
Today the following signal is active:
- Buy Bitcoin in at $5,900. You can set a Buy-Limit order or use a Market order at $5,900.
- Stop-Loss: $5,550 - the next significant support level.
- Take-Profit: $6,500 - the next significant resistance level.
- Forecasted P&L: +$5,500 or +93%, calculated per 1 Lot with 10x Leverage at Monfex
- Risk/Reward Ratio: 1.4x
If you like this trade idea and would like to stay updated - Follow me on TradingView! This will allow you to maximize your profits.
If you agree, please, Like - This would 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.
Here is an expert technical analysis for Bitcoin prepared by Monfex Research. We evaluate the current market trend and interpret existing chart patterns and technical indicators, PLUS we provide an active trading strategy with a trade signal.
Enjoy reading this trade idea, and you’ll get exact instructions on how to trade Bitcoin and make profitable deals!
Based on technical analysis, there are numerous strong signals, suggesting that the uptrend for BTC/USD is active and is going to continue.
In particular:
The price has broken through and above a psychologically strong resistance level at $6,000. The breakthrough was significant and the Bitcoin market price has risen to $6,190. I expect the condition of heightened volatility on BTC/USD to preserve over the next week and price spikes both upwards and downwards are possible.
I'm seeing that, technically, a short-term correction downwards is likely at this point, since a 10.8% price increase (measured from the past week’s low to high) has likely triggered numerous stop-losses for leveraged short positions and take-profits for long positions at $6,000, which will create a temporary selling pressure. There are certain indications of a possible intraday correction downwards by 3-4% towards $5,800. On the other hand, the analysis of trendlines indicates that the Bitcoin price has already adjusted downwards from the past week’s high at $6,190 to the trend channel’s mean at $5,950 and, so, the trend UPWARDS may well resume at this point.
In any way, I see strong indications that an uptrend is expected to resume towards the next target at $6,500.
We still have a strong pattern of an acceding 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 two months. This dynamic represents a strong continuation chart pattern that confirms an upward trend signal.
A 30-day Exponential Moving Average is increasing. EMA (30) is an important trend indicator that confirms signals from other technical analysis tools.
Today the following signal is active:
- Buy Bitcoin in at $5,900. You can set a Buy-Limit order or use a Market order at $5,900.
- Stop-Loss: $5,550 - the next significant support level.
- Take-Profit: $6,500 - the next significant resistance level.
- Forecasted P&L: +$5,500 or +93%, calculated per 1 Lot with 10x Leverage at Monfex
- Risk/Reward Ratio: 1.4x
If you like this trade idea and would like to stay updated - Follow me on TradingView! This will allow you to maximize your profits.
If you agree, please, Like - This would 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:
The signal has proved to be correct so far, and we’re in profit!
I confirm that the short-term trend remains upwards at this point.
Stay tuned!
To your trading success,
Monfex
I confirm that the short-term trend remains upwards at this point.
Stay tuned!
To your trading success,
Monfex
Handel aktiv:
Dear traders!
The medium-term trend for Bitcoin remains strong upwards.
My forecast has been extremely accurate so far and the target at $6,500 is achieved by 87%.
Follow Monfex and continue earning profits!
The medium-term trend for Bitcoin remains strong upwards.
My forecast has been extremely accurate so far and the target at $6,500 is achieved by 87%.
Follow Monfex and continue earning profits!
Trade stängt: målet nått:
Dear Monfex traders!
The take-profit at $6,500 BTC/USD is reached, and
+93% of profit is realized! (per 1 Lot with 10x Leverage at Monfex)
To your trading success,
Monfex
The take-profit at $6,500 BTC/USD is reached, and
+93% of profit is realized! (per 1 Lot with 10x Leverage at Monfex)
To your trading success,
Monfex
