BITCOIN: Getting ready to break in either direction

Dear trader!

Here is the quick Monfex market analysis update.


Trend analysis

The price is starting to consolidate near the $11,800 mark. Reaching higher lows and lower highs, this may indicate a break out in either direction.  Volatility is decreasing and the  RSI is showing downward momentum. 

The fast  EMA (200) is starting to make a sideways move, but still showing momentum for Bitcoin . 

The current trend broke below the bottom trend line of the trend that was established on July 30. This is could mean it is forming a new trend, but with the aforementioned factors taken into account, we could see some heavy movement in either direction. 

 

What To Watch

Watch for a break above $12,100. If this happens, we could see some good momentum upwards. If the price falls below $11,500 we could see a new downward trend headed to the nearest support of $11,100

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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.