TOP 3 reasons WHY Bitcoin price WILL SURGE to $10K! +Signals
Hi, traders
The primary question Bitcoin traders are asking themselves today is: Whether the market is experiencing a short-term correction or the outright trend reversal downwards?
The answer to that question is essential. Each of those two scenarios is possible and cannot be ruled out at this point.
In this analysis, I'll try to understand, which scenario is going to prevail and why, and will lay down my recommendations and a trade signal for short-term traders.
Based on the analysis of charts and technical indicators, I'm leaning towards the first scenario, which is a continuation of a strong upward trend after the short-term correction is finished. Moreover, there are three important factors, suggesting that the correction might have already finished and the price is going to begin increasing soon:
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 continuation chart pattern that confirms an upward trend signal.
A 30-days Exponential Moving Average is increasing. EMA(30) is a critical trend indicator that confirms signals from other technical analysis tools.
Stochastic oscillator (14,3,3), plotted on a daily timeframe, has reached an oversold range and is increasing. This confirms our assumption that a short-term correction downwards might have finished, and the prevailing medium-term trend upwards is going to continue.
Today the following signal is active:
- Buy Bitcoin at $7,900
- Stop-Loss: $7,400 - the next significant support level .
- Take-Profit: $10,000 - the next significant resistance level .
- Forecasted P&L: +$2,100 or +26.2% (or +262% per 1 Lot with 10x Leverage)
- Risk/Reward Ratio: 7.0x
If you agree - Like this post! 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.
The primary question Bitcoin traders are asking themselves today is: Whether the market is experiencing a short-term correction or the outright trend reversal downwards?
The answer to that question is essential. Each of those two scenarios is possible and cannot be ruled out at this point.
In this analysis, I'll try to understand, which scenario is going to prevail and why, and will lay down my recommendations and a trade signal for short-term traders.
Based on the analysis of charts and technical indicators, I'm leaning towards the first scenario, which is a continuation of a strong upward trend after the short-term correction is finished. Moreover, there are three important factors, suggesting that the correction might have already finished and the price is going to begin increasing soon:
- The support level at $7,500 has been tested three times by the sellers over the past week and wasn't broken. This chart pattern, reinforced by today's 5% price action upwards, suggests the market is unlikely to move further downwards. Given this dynamic, the upwards trend is more likely.
- Today, the price surged up 5% within 30 minutes, breaking through and above the upper bound of a short-term descending trend channel. This might mean that the short-term correction, as I've been measuring it on the price chart, is over. However, we should wait for a clear signal that a new bull wave has begun.
- The price has touched the lower trendline of the long-term upwards-moving trend channel. This also implies there is a much higher probability of the price moving upwards over the short-term.
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 continuation chart pattern that confirms an upward trend signal.
A 30-days Exponential Moving Average is increasing. EMA(30) is a critical trend indicator that confirms signals from other technical analysis tools.
Stochastic oscillator (14,3,3), plotted on a daily timeframe, has reached an oversold range and is increasing. This confirms our assumption that a short-term correction downwards might have finished, and the prevailing medium-term trend upwards is going to continue.
Today the following signal is active:
- Buy Bitcoin at $7,900
- Stop-Loss: $7,400 - the next significant support level .
- Take-Profit: $10,000 - the next significant resistance level .
- Forecasted P&L: +$2,100 or +26.2% (or +262% per 1 Lot with 10x Leverage)
- Risk/Reward Ratio: 7.0x
If you agree - Like this post! 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 69% with 10x leverage
+$5,500 per 1 Lot
To your trading success,
Monfex!
The trade turned out to be correct!
Already in profit by 69% with 10x leverage
+$5,500 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
