Here is an advanced technical analysis for Bitcoin based on chart patterns and technical indicators, PLUS an active trading strategy and trade signals! Enjoy reading this idea, and you’ll get exact instructions on how to trade Bitcoin during this week and make profitable deals!
Based on technical analysis, there are numerous strong signals, suggesting that the uptrend for BTC/USD is active and is going to continue. In particular, we’ve got:
An ascending triangle - a psychologically strong chart pattern, which was broken on March 9 when the price broke through the upper resistance forming the triangle at $3,950. What this means is that market participants have been selling BTC at $3,950 over the past two weeks, always putting a halt to rallies at the same price point, but buyers have been getting more and more bullish and were stepping in at increasingly higher prices to halt sell-offs instead of waiting for further price declines. Finally, the price broke through the $3,950 resistance. I expect this action to give new momentum to BTC/USD over the week and cause a new rally above the $4,000. This generates a strong bullish signal.
An ascending trend channel is being formed on a daily timeframe and is already encompassing more than 30 days. The trendlines of this channel slope in an upward direction, within which the price is making higher highs and higher lows. This dynamic represents a strong continuation chart pattern that confirms an upward trend signal.
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 BTC price is moving above the quick EMA, generates a buy signal.
Stochastic oscillator (5,3,3), plotted on a daily timeframe, has approached an overbought range. This means that a small 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 $3,900. You can set a Buy-Limit order or use a Market order at $3,900. - Stop-Loss: $3,750 - the next significant support level. - Take-Profit: $4,250 - the next significant resistance level. - Forecasted P&L: +$475 or +12% (or +120% per 1 Lot with 10x Leverage) - Risk/Reward Ratio: 2.37x
Since the price has broken through and above the $3,950 resistance, we’ve got an uptrend continuation signal. Based on signals from a variety of technical indicators and chart patterns (mentioned above), I believe that Bitcoin price will gain momentum over this week and will rise at least to $4,250.
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To your trading success, Monfex!
Trade active
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Hi, Traders!
Take a look at how precisely we timed the market yesterday by setting $3,900 as an entry price for going long! At a current market price of $3,976, the floating P&L already constitutes $+770 or +20% (calculated per 1 lot with 10x leverage). Now we are moving the Stop-Loss order to $3,910 to lock-in a minimum profit of 2.5%, and then we’re going to simply… wait! Essentially, those who followed me on this signal will now realize one of the two possible scenarios: Wait until the Bitcoin price reaches the take-profit level at $4,500 and realize the +120% return on equity (per 1 lot with 10x leverage). Or, even if the price reverses downwards, get the minimum profit of 2.5% and then decide whether to re-enter long again (preferably, at a lower price), or reverse downwards.
Currently, the signal is active. I can confirm that $4,500 remains an active target / take-profit price, so you shouldn’t close your position.
To your success, Monfex!
Trade active
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Hello, Traders!
The idea is ACTIVE and I expect a strong rally UPWARDS to begin either today or tomorrow!
The chart pattern you’re seeing below is clearly indicating that the medium-term trend is UP and the breakout above the $4,000 resistance is very, very probable. The take-profit should be set at $4,500.
Both chart patterns - an ascending triangle and an ascending trend channel - are psychologically strong formations, which are generating a strong bullish signal. I expect the breakout above the $4,000 resistance to give new momentum to BTC/USD over the week and cause a new rally to $4,500 or even higher.
Keep holding a long position in BTC/USD and stay tuned!
4500 is a week is nice. Based on my model below every pull back from now on should be bought. We are inside the support band.
tommix
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this looks more realistic.
Monfex
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@tommix, Thanks for sharing your idea! To my opinion, the Stoch oscillator, you’re referring to, did not generate an explicit sell signal yet (as compared to the previous signals, that you've shown on the chart). We should wait until the %K line moves from above the %D line to below it, and get additional confirmations from other major indicators, and only then we’ll get an explicit sell signal.
Currently, the medium-term trend is upwards, which is confirmed by multiple technical indicators and chart patterns!
Monfex
Monfex
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Hello, Traders!
The idea is ACTIVE and I expect a strong rally UPWARDS to begin either today or tomorrow!
The chart pattern you’re seeing below is clearly indicating that the medium-term trend is UP and the breakout above the $4,000 resistance is very, very probable. The take-profit should be set at $4,500.
Both chart patterns - an ascending triangle and an ascending trend channel - are psychologically strong formations, which are generating a strong bullish signal. I expect the breakout above the $4,000 resistance to give new momentum to BTC/USD over the week and cause a new rally to $4,500 or even higher.
Keep holding a long position in BTC/USD and stay tuned!
To your trading success,
Monfex!
WBM_Team
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Thank you for your analysis! We think the breakout is close.
For the first time since the beginning of the correction, we had such a strong bullish cross on MACD.
Q1 2021 min $300 000.
Take a look.
jy2tradez
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ForexThief
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Nice analysis! You got my follow, really support people who starts analyzing a lot like me!
Also check out my analysis on BTC
Monfex
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@ForexThief, Thank you! As for me, your chart looks clear, professional and insightful.
Yours, Monfex
Kub0Lo
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good analysis I really like the:
Buy Bitcoin at $3,900. You can set a Buy-Limit order or use a Market order at $3,900.
- Stop-Loss: $3,750 - the next significant support level .
- Take-Profit: $4,250 - the next significant resistance level .
- Forecasted P&L: +$475 or +12% (or +120% per 1 Lot with 10x Leverage)
- Risk/Reward Ratio: 2.37x
Very insightfull
Monfex
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@Kub0Lo, Thank you for your feedback! Deeply appreciate it!
Will keep you updated with respect to this Idea & Signal, so that you could stay on top of the current Bitcoin trend and hopefully maximize your profits!