Here is the quick Monfex market analysis update.
We are in bear territory now. After the many rejections at the $12,000 resistance mark, we could now see a downward trend forming heading to the next support of ~$9,500. The 1D EMA(50) is now showing a bearish crossover as we continue this downward trend.
Volume is still low and the RSI is showing a drop towards the oversold range. On the 4h chart, we could clearly see the RSI is in the oversold range.
What To Consider
Consider a SELL(put) order at $10,400 and take profits close to the support at $9,500.
Active Trade Signal:
- Sell at $10,450
- Stop-loss at $10,800
- Take-profit at $9,500
- Risk/reward ratio: 1:3 (very attractive)
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