Hello, traders!
Now is a great time of opportunity for traders and investors. And why am I saying this?
That’s because today we’re seeing one of the strongest trends in the history of Bitcoin as a cryptocurrency.
The price has increased by 100% year-to-date, and by 50.3% (at its peak) just for the last month. Most importantly, we have a reasonable basis to believe that this is just the beginning of a new long-term bull cycle UP.
Even though the Bitcoin price chart is showing a short-run correction downwards, the primary trend remains strong upwards.
Based on technical analysis, there are NO indications that the current retracement marks the beginning of a trend reversal downwards. Yes, the trend has somewhat slowed down, but that has been caused by a variety of expected reasons:
First, traders are closing their profitable long positions, which creates temporary selling pressure on the market price.
Second, the price has deviated significantly from its average (mean) value by more than two standard deviations. This can be seen on a daily chart using the Bollinger Bands (20) indicator and implies that a short-run correction down towards the mean would be normal and is highly likely.
Simply put, we consider the current price reduction as a temporary market development, which means that now is a good opportunity to buy into Bitcoins cheaply.
The next month’s forecast of the Bitcoin price is from $10,500 to $11,500, implying a +53% appreciation from the current market price.
In fact, if you feel like taking on a higher level of risk, then you can potentially increase your profit to +530% by using 10x leverage.
Exciting, isn’t it?
Let’s take a look at the trend in fundamental variables of the Bitcoin network. Fundamentally, Bitcoin’s becoming an increasingly stronger cryptocurrency. In fact, both unique addresses used and daily confirmed transactions have been growing consistently over the past year.
The number of unique addresses used on the Bitcoin blockchain per day spiked to 627K on May 16, 2019 - the highest value since January 2018. An increase in the number of unique addresses used is associated, by definition, with an increase in global adoption and application of Bitcoin. The amount of daily confirmed transactions in the Bitcoin network has been increasing consistently over the past 12 months and has achieved a new 12-month high at 452K on May 2, 2019. This already exceeds the average value of 342K daily confirmed transactions achieved in a bullish 2017!
Obviously, the economics behind these positive trends is strongly associated with an increase in demand for Bitcoin. Increased demand leads to an increase in the Bitcoin market price.
So, I strongly believe that the current upward trend in the Bitcoin market price reinforces the positive trend in Bitcoin fundamentals.
These two indicators are “confirming” each other.
Astute traders interpret this as a positive signal, and a -5% correction over the past 5 days 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 in at $7,500
- Stop-Loss: $6,300 - the next significant support level
- Take-Profit: $11,500 - the next significant resistance level
- Forecasted P&L: +$40,000 or +530%, calculated per 1 Lot with 10x leverage
- Risk/Reward Ratio: 3.4x
If you agree then Like this post!
This will be the best feedback and encouragement for me!
To your trading success,
Monfex
Now is a great time of opportunity for traders and investors. And why am I saying this?
That’s because today we’re seeing one of the strongest trends in the history of Bitcoin as a cryptocurrency.
The price has increased by 100% year-to-date, and by 50.3% (at its peak) just for the last month. Most importantly, we have a reasonable basis to believe that this is just the beginning of a new long-term bull cycle UP.
Even though the Bitcoin price chart is showing a short-run correction downwards, the primary trend remains strong upwards.
Based on technical analysis, there are NO indications that the current retracement marks the beginning of a trend reversal downwards. Yes, the trend has somewhat slowed down, but that has been caused by a variety of expected reasons:
First, traders are closing their profitable long positions, which creates temporary selling pressure on the market price.
Second, the price has deviated significantly from its average (mean) value by more than two standard deviations. This can be seen on a daily chart using the Bollinger Bands (20) indicator and implies that a short-run correction down towards the mean would be normal and is highly likely.
Simply put, we consider the current price reduction as a temporary market development, which means that now is a good opportunity to buy into Bitcoins cheaply.
The next month’s forecast of the Bitcoin price is from $10,500 to $11,500, implying a +53% appreciation from the current market price.
In fact, if you feel like taking on a higher level of risk, then you can potentially increase your profit to +530% by using 10x leverage.
Exciting, isn’t it?
Let’s take a look at the trend in fundamental variables of the Bitcoin network. Fundamentally, Bitcoin’s becoming an increasingly stronger cryptocurrency. In fact, both unique addresses used and daily confirmed transactions have been growing consistently over the past year.
The number of unique addresses used on the Bitcoin blockchain per day spiked to 627K on May 16, 2019 - the highest value since January 2018. An increase in the number of unique addresses used is associated, by definition, with an increase in global adoption and application of Bitcoin. The amount of daily confirmed transactions in the Bitcoin network has been increasing consistently over the past 12 months and has achieved a new 12-month high at 452K on May 2, 2019. This already exceeds the average value of 342K daily confirmed transactions achieved in a bullish 2017!
Obviously, the economics behind these positive trends is strongly associated with an increase in demand for Bitcoin. Increased demand leads to an increase in the Bitcoin market price.
So, I strongly believe that the current upward trend in the Bitcoin market price reinforces the positive trend in Bitcoin fundamentals.
These two indicators are “confirming” each other.
Astute traders interpret this as a positive signal, and a -5% correction over the past 5 days 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 in at $7,500
- Stop-Loss: $6,300 - the next significant support level
- Take-Profit: $11,500 - the next significant resistance level
- Forecasted P&L: +$40,000 or +530%, calculated per 1 Lot with 10x leverage
- Risk/Reward Ratio: 3.4x
If you agree then Like this post!
This will be the best feedback and encouragement for me!
To your trading success,
Monfex
