This chart EXPLAINS the Bitcoin trend! With a trading SIGNAL
Hi, Traders!
During today’s trading session Bitcoin has shown an unexpected decline by 2.5% from $4,125 to $4,025. However, there are no technical indications of the trend reversal downwards. The medium-term trend for BTC/USD is still upward, and the price remains perfectly confined within the bounds of an ascending trend channel, as depicted on the chart above.
Note that an ascending trend channel being formed on a daily timeframe is a psychologically strong chart pattern. The trendlines of this channel slope in an upward direction and the price is consistently making higher highs and higher lows. This dynamic represents a strong continuation pattern and indicates that an uptrend is expected to continue!
Mid-term forecast
The price is expected to continue increasing over the upcoming 5 days targeting the next resistance level at $4,250.
The technical analysis generated the following forecasting information:
- An ascending triangle - a psychologically strong pattern - was broken on Mar 16, and the price broke through the upper resistance at $4,000. This action clearly gave new momentum to the Bitcoin price.
- An ascending trend channel, mentioned above, is being formed on a daily timeframe.
- Both quick (10-days) and slow (30-days) Exponential Moving Averages are increasing. EMA is a primary trend indicator. The fact that both EMAs (with short and long periods) are growing, and the Bitcoin price is moving above the quick EMA, is positive for BTC/USD.
- Stochastic oscillator (5,3,3), plotted on a daily timeframe, has approached an overbought range and is declining. This means that a retracement downwards is possible, after which the prevailing medium-term trend is going to continue upwards.
Today the following signal is active:
- Buy Bitcoin at $4,025.
- Stop-Loss: $3,750 - the next significant support level.
- Take-Profit: $4,250 - the next significant resistance level.
- Forecasted P&L: +$2,250 or +56% per 1 Lot with 10x Leverage
- Risk/Reward Ratio: 0.8x
If you like this analysis and would like to receive future updates - Please, follow me on TradingView!
If you follow me, I guarantee you will receive timely updates to this trading strategy in the future, including all new trading signals. This will allow you to stay on top of the current Bitcoin trend and hopefully maximize your profits!
If you agree, please, Like this Idea - This would be the best feedback and encouragement for me!
To your trading success,
Monfex
Disclaimer
This report does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Monfex accepts no responsibility for any consequences resulting from the use of this material. No representation or warranty is given as to the accuracy, timeliness, or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. This research and analysis does not involve or apply to any specific investment objectives, financial situation, and needs of a specific person who may receive it.
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Redistribution is prohibited without written permission. To license this report, please contact support@monfex.com.
ALL TRADING CARRIES A HIGH LEVEL OF RISK THAT MAY NOT BE SUITABLE FOR ALL INVESTORS. LEVERAGE CREATES ADDITIONAL RISK AND LOSS EXPOSURE. CAREFULLY CONSIDER YOUR INVESTMENT OBJECTIVES, EXPERIENCE LEVEL, AND RISK TOLERANCE. EDUCATE YOURSELF ON THE RISKS ASSOCIATED WITH TRADING AND SEEK ADVICE FROM AN INDEPENDENT FINANCIAL AND/OR TAX PROFESSIONAL.
© 2019 Monfex. All Rights Reserved.
During today’s trading session Bitcoin has shown an unexpected decline by 2.5% from $4,125 to $4,025. However, there are no technical indications of the trend reversal downwards. The medium-term trend for BTC/USD is still upward, and the price remains perfectly confined within the bounds of an ascending trend channel, as depicted on the chart above.
Note that an ascending trend channel being formed on a daily timeframe is a psychologically strong chart pattern. The trendlines of this channel slope in an upward direction and the price is consistently making higher highs and higher lows. This dynamic represents a strong continuation pattern and indicates that an uptrend is expected to continue!
Mid-term forecast
The price is expected to continue increasing over the upcoming 5 days targeting the next resistance level at $4,250.
The technical analysis generated the following forecasting information:
- An ascending triangle - a psychologically strong pattern - was broken on Mar 16, and the price broke through the upper resistance at $4,000. This action clearly gave new momentum to the Bitcoin price.
- An ascending trend channel, mentioned above, is being formed on a daily timeframe.
- Both quick (10-days) and slow (30-days) Exponential Moving Averages are increasing. EMA is a primary trend indicator. The fact that both EMAs (with short and long periods) are growing, and the Bitcoin price is moving above the quick EMA, is positive for BTC/USD.
- Stochastic oscillator (5,3,3), plotted on a daily timeframe, has approached an overbought range and is declining. This means that a retracement downwards is possible, after which the prevailing medium-term trend is going to continue upwards.
Today the following signal is active:
- Buy Bitcoin at $4,025.
- Stop-Loss: $3,750 - the next significant support level.
- Take-Profit: $4,250 - the next significant resistance level.
- Forecasted P&L: +$2,250 or +56% per 1 Lot with 10x Leverage
- Risk/Reward Ratio: 0.8x
If you like this analysis and would like to receive future updates - Please, follow me on TradingView!
If you follow me, I guarantee you will receive timely updates to this trading strategy in the future, including all new trading signals. This will allow you to stay on top of the current Bitcoin trend and hopefully maximize your profits!
If you agree, please, Like this Idea - This would be the best feedback and encouragement for me!
To your trading success,
Monfex
Disclaimer
This report does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Monfex accepts no responsibility for any consequences resulting from the use of this material. No representation or warranty is given as to the accuracy, timeliness, or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. This research and analysis does not involve or apply to any specific investment objectives, financial situation, and needs of a specific person who may receive it.
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Redistribution is prohibited without written permission. To license this report, please contact support@monfex.com.
ALL TRADING CARRIES A HIGH LEVEL OF RISK THAT MAY NOT BE SUITABLE FOR ALL INVESTORS. LEVERAGE CREATES ADDITIONAL RISK AND LOSS EXPOSURE. CAREFULLY CONSIDER YOUR INVESTMENT OBJECTIVES, EXPERIENCE LEVEL, AND RISK TOLERANCE. EDUCATE YOURSELF ON THE RISKS ASSOCIATED WITH TRADING AND SEEK ADVICE FROM AN INDEPENDENT FINANCIAL AND/OR TAX PROFESSIONAL.
© 2019 Monfex. All Rights Reserved.
Trade closed: target reached:
Take-Profit reached!
