BEARISH CROSSOVER: Price could tap support at ~$9,500

Dear trader!  

Here is the quick Monfex market analysis update.

Trend analysis

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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