Bitcoin will trade at $8,000 in a week. Watch for these SIGNALS
Hey, traders,
Bitcoin’s long bear market may finally be over, as the price surged above $7,000 for the first time in nine months.
The price surge has negated nearly 25% of losses incurred since December 2018 and could signal a continuing bullish trend. The first signs of the price hike could be seen last Friday, starting with almost uninterrupted positive growth from $6,150, peaking at $7,600 on Sunday.
Bitcoin is famously an extremely volatile asset, yet the upward trend isn’t a complete surprise to everyone, and there’s a reason to think that the price will only keep rising in the short-term. On the other hand, a lot of crypto trading is facilitated by Tether, which is currently accused of hiding $850 million in losses…While the allegations have yet to be proven and have not affected Bitcoin’s price so far, always keep in mind that quick reversals aren’t exactly unknown in the crypto world.
We predict that during this week Bitcoin price will actually continue increasing because the market has gained strong momentum and an upward trend usually gathers the strongest momentum at its peak.
There were many stop-loss orders of leveraged short positions placed at $6,000, and, when the price broke through that level, lots of margin calls have been triggered, which by itself further intensified the trend up. The execution of stop-losses and margin calls effectively pushed the price of Bitcoin to the unsustainably high levels above $7,400.
A short-term correction downwards is possible at this point because the market price has deviated substantially from its central tendency (its mean value), and, as a result, traders begin closing their profitable positions. This exerts some selling pressure at this point.
Today the following signal is active:
- Buy Bitcoin in at $7,200. You can set a Buy-Limit order or use a Market order at $7,200.
- Stop-Loss: $6,330 - the next significant support level.
- Take-Profit: $8,000 - the next significant resistance level.
- Forecasted P&L: +$8,500 or +120%, calculated per 1 Lot with 10x Leverage at Monfex
Risk/Reward Ratio: 1.1x
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.
Bitcoin’s long bear market may finally be over, as the price surged above $7,000 for the first time in nine months.
The price surge has negated nearly 25% of losses incurred since December 2018 and could signal a continuing bullish trend. The first signs of the price hike could be seen last Friday, starting with almost uninterrupted positive growth from $6,150, peaking at $7,600 on Sunday.
Bitcoin is famously an extremely volatile asset, yet the upward trend isn’t a complete surprise to everyone, and there’s a reason to think that the price will only keep rising in the short-term. On the other hand, a lot of crypto trading is facilitated by Tether, which is currently accused of hiding $850 million in losses…While the allegations have yet to be proven and have not affected Bitcoin’s price so far, always keep in mind that quick reversals aren’t exactly unknown in the crypto world.
We predict that during this week Bitcoin price will actually continue increasing because the market has gained strong momentum and an upward trend usually gathers the strongest momentum at its peak.
There were many stop-loss orders of leveraged short positions placed at $6,000, and, when the price broke through that level, lots of margin calls have been triggered, which by itself further intensified the trend up. The execution of stop-losses and margin calls effectively pushed the price of Bitcoin to the unsustainably high levels above $7,400.
A short-term correction downwards is possible at this point because the market price has deviated substantially from its central tendency (its mean value), and, as a result, traders begin closing their profitable positions. This exerts some selling pressure at this point.
Today the following signal is active:
- Buy Bitcoin in at $7,200. You can set a Buy-Limit order or use a Market order at $7,200.
- Stop-Loss: $6,330 - the next significant support level.
- Take-Profit: $8,000 - the next significant resistance level.
- Forecasted P&L: +$8,500 or +120%, calculated per 1 Lot with 10x Leverage at Monfex
Risk/Reward Ratio: 1.1x
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:
Hey, traders!
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.
Most probably, the trend UPWARD will continue and the Bitcoin price will achieve $8,500-$9,500, followed by the short-term retracement downwards to $7,500, and then the most likely scenario is the beginning of the new long-term wave of a bull cycle for Bitcoin with targets above $20,000.
Stay tuned!
To your trading success,
Monfex!
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.
Most probably, the trend UPWARD will continue and the Bitcoin price will achieve $8,500-$9,500, followed by the short-term retracement downwards to $7,500, and then the most likely scenario is the beginning of the new long-term wave of a bull cycle for Bitcoin with targets above $20,000.
Stay tuned!
To your trading success,
Monfex!
