Monfex
Long

TOP-3 SIGNALS showing Bitcoin will GO UP to $11,500

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hey traders,

Today I want to share with you my vision of the TOP-3 drivers of a strong Bitcoin trend UP.
Continue reading and you'll find out:
- Why Bitcoin price is gaining strong momentum upwards, and
- Why $11,500 is a highly-probable price target for the next month (+44%).

But, first and foremost, here is an active trade signal:

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.

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The demand for Bitcoin is almost 2.0x as the supply. Trade volumes are UP by 221% m/m.
During the past 30 days, Bitcoin market price has increased by 59%. During the same time frame, the USD trading volume on major Bitcoin exchanges has increased by 221%.
This information is crucial for traders.
The fact that a double-digit price increase is accompanied by an even higher increase in trade volumes is a very positive signal. It is interpreted to mean that over the past month more and more traders were buying Bitcoin and they were doing so at higher and higher prices. This pattern is considered a positive technical development.
Another important observation comes from the orderbook analysis. It shows that currently on major exchanges the demand for Bitcoin is almost 2.0x higher than supply. In other words, the power of buyers is much greater.

The net Bitcoin position of small traders on US futures exchanges is 81.14% long
This is the highest share of net long positions in the history of Bitcoin trading on CME and CBOE futures exchanges. The category of ‘small traders’ includes buy-side participants, who are using Bitcoin to invest, hedge, and speculate.
Technically, 81.14% net long means that, as of May 7, 2019, there were 7,857 long and 1,481 short positions held by small traders.
The takeaway: There is a clear indication of an increasing bullishness of both investors and active traders, which translates into heightened expectations of future price appreciation for Bitcoin .

Technical analysis is signaling that the upward trend for Bitcoin is active and gains momentum
Bitcoin price has broken through and above two psychologically important resistance levels at $6,000 and $7,500 in just one week. This price action confirmed the upward direction of the medium-term trend and reinforced expectations of future price appreciation.
The price spike above $6,000 and $7,500 has triggered substantial volumes of stop-loss orders and margin calls for short positions, which by itself intensified the trend up.
A short-term correction downwards is likely at this point because the market price has deviated significantly from its central tendency (its mean value).
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.

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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.
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Nice analysis. This is what im seeing
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Here is my thought
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Omg all the details I was hoping to find out. Especially interesting is the Net of all longs which I did not know where to look for. I agree that the price is pumped by the stop loses and needs to correct. A small correction would be a healthy sign for next move above 10k. Let's hope, fingers crossed
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