Hey traders,
The doldrums are finally over for Bitcoin bulls, and there’s a good reason to believe it’ll stick!
There are 3 strong catalysts pushing the leading cryptocurrency into an upward trend.
First, Bitcoin demand has risen twice as high as supply on major exchanges, and trade volumes are up 221% month-over-month.
Second, there’s good historical evidence that the volatility in traditional markets thanks to the US-China trade war is giving investors a reason to flee into Bitcoin.
Third, technical analysis indicates momentum for an upward trend, as well as Bitcoin fundamentals, including unique addresses used and daily confirmed transaction are improving, giving bulls increasing confidence in the cryptocurrency network.
I believe that all the signs are pointing in Bitcoin’s favor, giving the top cryptocurrency a much-needed boost after a long bear stretch. Considering the signals pushing Bitcoin trends upwards, it seems like a good bet that, aside from some inevitable minor corrections, Bitcoin is on track to hit $11,500 in the near future.
TRADE SIGNAL
- Buy Bitcoin in at $7,800
- Take-Profit: $11,500 - the 2nd significant resistance level
- Stop-Loss: $6,700 - the next significant support level
- Forecasted P&L: +$3,600 or +45.9%, equivalent to +$36,000 or +459% with 10x Leverage at Monfex
- Risk/Reward Ratio: 3.27x - an exceptional trade opportunity.
Technical analysis is signaling that the upward trend for Bitcoin is active and gains momentum. Importantly, there is a strong pattern of an ascending trend channel on the daily chart, which is a strong continuation chart pattern. I believe that over the next month Bitcoin will be increasing within the bounds of this linear channel. The upper trendline of this channel implies that the next target is at $11,500. The Fibonacci retracement shows that $11,500 is precisely located at 50.0% of the Fibonacci sequence.
If you agree, please, Like - Seeing an interest from you is the best inspiration to me!
Also, if want to receive new trade ideas and market updates - Follow 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.
The doldrums are finally over for Bitcoin bulls, and there’s a good reason to believe it’ll stick!
There are 3 strong catalysts pushing the leading cryptocurrency into an upward trend.
First, Bitcoin demand has risen twice as high as supply on major exchanges, and trade volumes are up 221% month-over-month.
Second, there’s good historical evidence that the volatility in traditional markets thanks to the US-China trade war is giving investors a reason to flee into Bitcoin.
Third, technical analysis indicates momentum for an upward trend, as well as Bitcoin fundamentals, including unique addresses used and daily confirmed transaction are improving, giving bulls increasing confidence in the cryptocurrency network.
I believe that all the signs are pointing in Bitcoin’s favor, giving the top cryptocurrency a much-needed boost after a long bear stretch. Considering the signals pushing Bitcoin trends upwards, it seems like a good bet that, aside from some inevitable minor corrections, Bitcoin is on track to hit $11,500 in the near future.
TRADE SIGNAL
- Buy Bitcoin in at $7,800
- Take-Profit: $11,500 - the 2nd significant resistance level
- Stop-Loss: $6,700 - the next significant support level
- Forecasted P&L: +$3,600 or +45.9%, equivalent to +$36,000 or +459% with 10x Leverage at Monfex
- Risk/Reward Ratio: 3.27x - an exceptional trade opportunity.
Technical analysis is signaling that the upward trend for Bitcoin is active and gains momentum. Importantly, there is a strong pattern of an ascending trend channel on the daily chart, which is a strong continuation chart pattern. I believe that over the next month Bitcoin will be increasing within the bounds of this linear channel. The upper trendline of this channel implies that the next target is at $11,500. The Fibonacci retracement shows that $11,500 is precisely located at 50.0% of the Fibonacci sequence.
If you agree, please, Like - Seeing an interest from you is the best inspiration to me!
Also, if want to receive new trade ideas and market updates - Follow 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 active:
The signal has worked out well so far! In profit!
To your trading success,
Monfex
To your trading success,
Monfex
