11SEP Bitcoin (Day)Trading Strategy® by Monfex

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi, Traders!

Bitcoin (Day)Trading Strategy® by Monfex is at your service.

Our Advanced Chart Analysis reveals the following trading scenario for 11SEP’19:

* The price has broken the previous Intraday Support of 10,080 and rushed to the south.
* However, Bitcoin's short-term loss in value is rather modest. The downside move is bounded by (Hourly) descending trend Channel.
* Long tails on 1Hour Candles are steadily supported by the increased volumes.

So, what should we do ?

* It is better to stay away from SHORTS despite the price is moving in descending channel .
* The only possible option for going SHORT is if the price jumps to the Intraday Resistance (10,100-10,200) and draws another wick on 1Hour Candle.
* You can also try a small LONG from 9,900 and then add more if Bitcoin goes down to 9,500.

Trading Risks

* Volatility is higher today and 1Sigma is around 100 b.p., which equals to the size of the Intraday Stop-loss.

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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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