Hi, traders!
Here is a brief update on Bitcoin trend analysis and pattern analysis to identify the future direction of the market price.
Certainly, both technical analysis and chart patterns analysis indicate that the Bitcoin price is trending upwards.
We’ve seen a mild correction downwards over the past few days, which seems to be ended, and the market is beginning to move upwards again.
Overall, the uptrend has gained strong momentum, and an ascending impulse wave that began on June 10 is not completed yet.
Technically, there is no reason for the price to retrace downwards at this point. The price has moved above the previous local high at $9,000, which sends a clear signal that the market intends to move further upwards. We recommend holding long positions until the price reaches the target at $10,000 - the nearest significant resistance level - at which the bulls should start taking profits, and the market should adjust.
The ensuing adjustment might take the market downwards closer towards the medium-term mean value below $9,000, and than we should expect the price to continue increasing to new local highs. In particular, the next local target, following $10,000, is at $11,000, which coincides with the upper trendline of an ascending trend channel (as shown on the chart above).
Alternatively, when the $10,000 target is reached, we may see the next strong wave upwards without the market tracing out a series of corrective waves downwards. Meaning, it is highly probable that the euphoria may overtake the market, and the short-term trend may become overextended, causing the price to grow to $11,000-$12,0000 over the near-term.
The power of the current uptrend, as measured by the strong momentum, implies that it will be difficult for the sellers to reverse the market downwards. In particular, Moving Average Convergence Divergence ( MACD ) - a trend-following momentum indicator - confirms an increased power of the bulls.
Thus, the best trading strategy for Bitcoin traders today would be to continue holding long positions while gradually moving stop-loss orders higher (into the breakeven area and above). This will allow you to earn good returns should the Bitcoin price surge above $11,000 anytime soon, while keeping your capital safe.
The following trade signal is active currently:
- Continue holding a long position in Bitcoin
- Stop-Loss: $7,400
- Take-Profit: $10,000
If you agree - ‘Like’ and post your comments!
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 a brief update on Bitcoin trend analysis and pattern analysis to identify the future direction of the market price.
Certainly, both technical analysis and chart patterns analysis indicate that the Bitcoin price is trending upwards.
We’ve seen a mild correction downwards over the past few days, which seems to be ended, and the market is beginning to move upwards again.
Overall, the uptrend has gained strong momentum, and an ascending impulse wave that began on June 10 is not completed yet.
Technically, there is no reason for the price to retrace downwards at this point. The price has moved above the previous local high at $9,000, which sends a clear signal that the market intends to move further upwards. We recommend holding long positions until the price reaches the target at $10,000 - the nearest significant resistance level - at which the bulls should start taking profits, and the market should adjust.
The ensuing adjustment might take the market downwards closer towards the medium-term mean value below $9,000, and than we should expect the price to continue increasing to new local highs. In particular, the next local target, following $10,000, is at $11,000, which coincides with the upper trendline of an ascending trend channel (as shown on the chart above).
Alternatively, when the $10,000 target is reached, we may see the next strong wave upwards without the market tracing out a series of corrective waves downwards. Meaning, it is highly probable that the euphoria may overtake the market, and the short-term trend may become overextended, causing the price to grow to $11,000-$12,0000 over the near-term.
The power of the current uptrend, as measured by the strong momentum, implies that it will be difficult for the sellers to reverse the market downwards. In particular, Moving Average Convergence Divergence ( MACD ) - a trend-following momentum indicator - confirms an increased power of the bulls.
Thus, the best trading strategy for Bitcoin traders today would be to continue holding long positions while gradually moving stop-loss orders higher (into the breakeven area and above). This will allow you to earn good returns should the Bitcoin price surge above $11,000 anytime soon, while keeping your capital safe.
The following trade signal is active currently:
- Continue holding a long position in Bitcoin
- Stop-Loss: $7,400
- Take-Profit: $10,000
If you agree - ‘Like’ and post your comments!
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 worked out well so far! In profit!
To your trading success,
Monfex
To your trading success,
Monfex
