BTC/USD: Enter LONG and profit from the next rally to $4,200
Hi there!
On a BTC/USD price chart, an ascending trend channel is being formed,
which is a strong continuation pattern that generates a buy signal.
Enter LONG at $3,800 and wait for a new rally expected to take BTC/USD to a new high.
Meanwhile, we expect a short-term downward trend channel to form over the next 3-5 days
representing a ‘healthy correction’ type of pattern.
Once this pattern is broken and the price breaks through the upper trendline,
The price is expected to move at least to the nearest resistance price at $4,070,
and then proceed towards the upper trendline of the trend channel at $4,200.
Therefore, the medium-term trend on BTC/USD is UP.
Recommended action: Enter LONG at $3,800 and wait for a new rally
expected to take BTC/USD to a new high.
Target: $4,200 BTC/USD (in 5 to 10 days)
Entry price: $3,800 BTC/USD.
Forecasted P&L: +$400 or +11% (per 1 Lot)
Risk/Reward Ratio: 4.0
Stop-Loss: $3,700 ($-100 or 2.7%)
As mentioned above, to maximize your gains, look out for quick
sell opportunities in a range of $3,900-$3,800,
as the price adjusts downwards and the Stoch oscillator is in the overbought mode.
In this analysis, I combined the application of trend analysis with technical indicators and chart patterns, which allows me to make accurate predictions.
Enjoy your crypto trading and make profits. If you have any questions or suggestions, please write them in comments below and I’ll respond to you promptly!
On a BTC/USD price chart, an ascending trend channel is being formed,
which is a strong continuation pattern that generates a buy signal.
Enter LONG at $3,800 and wait for a new rally expected to take BTC/USD to a new high.
Meanwhile, we expect a short-term downward trend channel to form over the next 3-5 days
representing a ‘healthy correction’ type of pattern.
Once this pattern is broken and the price breaks through the upper trendline,
The price is expected to move at least to the nearest resistance price at $4,070,
and then proceed towards the upper trendline of the trend channel at $4,200.
Therefore, the medium-term trend on BTC/USD is UP.
Recommended action: Enter LONG at $3,800 and wait for a new rally
expected to take BTC/USD to a new high.
Target: $4,200 BTC/USD (in 5 to 10 days)
Entry price: $3,800 BTC/USD.
Forecasted P&L: +$400 or +11% (per 1 Lot)
Risk/Reward Ratio: 4.0
Stop-Loss: $3,700 ($-100 or 2.7%)
As mentioned above, to maximize your gains, look out for quick
sell opportunities in a range of $3,900-$3,800,
as the price adjusts downwards and the Stoch oscillator is in the overbought mode.
In this analysis, I combined the application of trend analysis with technical indicators and chart patterns, which allows me to make accurate predictions.
Enjoy your crypto trading and make profits. If you have any questions or suggestions, please write them in comments below and I’ll respond to you promptly!
Trade closed: target reached:
This Idea has been closed with profit at a Take-Profit price!
To your trading success,
Monfex
To your trading success,
Monfex
