Here is the latest analysis of the Bitcoin trend, brought to you by Monfex - a revolutionary cryptocurrency trading platform.
Continue listening and you’ll get exact trade signals and will be able to take advantage of the current strong Bitcoin trend.
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.
The primary oscillators, such as RSI and Stochastic , have approached an oversold range on a daily timeframe , which signals a high probability of a correction.
However, the current uptrend has gained strong momentum and it might be difficult for the sellers to reverse the market downwards. Most probably, we are going to see a flat (or sideways) trend over the next couple of weeks, and then the price will continue its strong rally upwards.
Therefore, we do not recommend to open short positions at this point.
For those, who already have long positions, the best trading strategy is to continue holding.
Today, the following trade signal remains active:
- Continue holding a long position in Bitcoin . If you have not bought yet - set a buy limit order at $11,000.
- Place a stop-loss order at $10,000
- Place a take-profit order at $20,000
In this trade, the expected risk/reward ratio is 9.0x, which is an extremely attractive exposure!
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