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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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.