Bitcoin will trade at $6,000 in a month. Watch for these SIGNALS
Hello, traders!
Here is an expert technical analysis for BTC/USD prepared by Monfex Research. We evaluate current market trend and interpret existing chart patterns and technical indicators, PLUS provide an active trading strategy and trade signals! 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:
Today the price broke through and above a psychologically strong resistance level at $4,250. The breakthrough was significant and raised the Bitcoin’s market price by 22% in 2 hours. I expect that the condition of heightened volatility will be preserved on BTC/USD over the next week and price spikes both upwards and downwards are possible. I also see that, technically, a short-term correction downwards is likely at this point, since a 22% surge has likely triggered numerous stop-losses for leveraged short positions and take-profits for long positions, which will create a temporary selling pressure. In addition, the analysis of trend lines indicates that there is some room for the price to adjust downwards to $4,600-$4,700, before an upward trend resumes. In any way, I see strong indications that an uptrend is expected to resume towards the next target at $6,000.
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-days Exponential Moving Average is increasing. EMA(30) is an important trend indicator that confirms signals from other technical analysis tools.
Stochastic oscillator (5,3,3), plotted on a daily timeframe, is increasing. However, it has approached an overbought range. This confirms our assumption that a short-term correction downwards is likely, after which the prevailing medium-term trend upward is going to continue.
Today the following signal is active:
- Buy Bitcoin at $4,600. You can set a Buy-Limit order or use a Market order at $4,600.
- Stop-Loss: $4,250 - the next significant support level .
- Take-Profit: $6,000 - the next significant resistance level .
- Forecasted P&L: +$1,400 or +30.3% (or +303% per 1 Lot with 10x Leverage)
- Risk/Reward Ratio: 4.0x
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 BTC/USD prepared by Monfex Research. We evaluate current market trend and interpret existing chart patterns and technical indicators, PLUS provide an active trading strategy and trade signals! 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:
Today the price broke through and above a psychologically strong resistance level at $4,250. The breakthrough was significant and raised the Bitcoin’s market price by 22% in 2 hours. I expect that the condition of heightened volatility will be preserved on BTC/USD over the next week and price spikes both upwards and downwards are possible. I also see that, technically, a short-term correction downwards is likely at this point, since a 22% surge has likely triggered numerous stop-losses for leveraged short positions and take-profits for long positions, which will create a temporary selling pressure. In addition, the analysis of trend lines indicates that there is some room for the price to adjust downwards to $4,600-$4,700, before an upward trend resumes. In any way, I see strong indications that an uptrend is expected to resume towards the next target at $6,000.
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-days Exponential Moving Average is increasing. EMA(30) is an important trend indicator that confirms signals from other technical analysis tools.
Stochastic oscillator (5,3,3), plotted on a daily timeframe, is increasing. However, it has approached an overbought range. This confirms our assumption that a short-term correction downwards is likely, after which the prevailing medium-term trend upward is going to continue.
Today the following signal is active:
- Buy Bitcoin at $4,600. You can set a Buy-Limit order or use a Market order at $4,600.
- Stop-Loss: $4,250 - the next significant support level .
- Take-Profit: $6,000 - the next significant resistance level .
- Forecasted P&L: +$1,400 or +30.3% (or +303% per 1 Lot with 10x Leverage)
- Risk/Reward Ratio: 4.0x
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.
Trade stängt: målet nått:
The target is reached and a 303% return (per 1 Lot with 10x Leverage) is realized!
It’s been an unbelievably accurate forecast, both in terms of timing and the trend direction. Simply, press the “Load new bars” button above, and you’ll see everything yourself!
Thank you for following Monfex, we’re working to your trading success! Please, check out our latest trade idea for Bitcoin - it’s really worth your time.
It’s been an unbelievably accurate forecast, both in terms of timing and the trend direction. Simply, press the “Load new bars” button above, and you’ll see everything yourself!
Thank you for following Monfex, we’re working to your trading success! Please, check out our latest trade idea for Bitcoin - it’s really worth your time.
