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 is a psychologically strong chart pattern. The 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!
The price is expected to continue increasing over the upcoming 5 days targeting the next at $4,250.
The 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 .
- Both quick (10-days) and slow (30-days) Exponential Moving Averages are increasing. 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 , is positive for BTC/USD.
- Stochastic oscillator (5,3,3), plotted on a , 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 .
- Take-Profit: $4,250 - the next significant .
- Forecasted P&L: +$2,250 or +56% per 1 Lot with 10x Leverage
- Risk/Reward Ratio: 0.8x
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