Here is the quick Monfex market analysis update.
Bitcoin Trend & Volatility Analysis
Bitcoin is on a considerable run headed towards the next resistance mark of $13,000.
The fast EMA (5) has shown a bullish price crossover with a slow EMA (20) on Aug 2.
Now the fast EMA (5) is below the current price, which indicates upward momentum.
The trade volume is increasing, and the RSI oscillator shows that the price is well into the overbought range.
The RSI is expected to reverse intraday, thus creating an opportunity to buy Bitcoin at an attractive price in the direction of the primary trend upwards.
With the price getting rejected hard at the $12,000 resistance level and now showing a long candle wick on the daily chart , we are expecting a bit of a pullback.
The closest established support level is at $11,000, so we expect a dip into this range.
If the pullback reaches this level, consider a BUY at $11,000 and a TAKE-PROFIT at $12,500. The STOP-LOSS should be set at $10,500.
Active Trade Signal
- Buy at $11,000
- Stop-loss at $10,500
- Take-profit at $12,500
- Forecasted P&L: $3,000 per 0.1 lot with 20x leverage on Monfex Trading Platform
- Risk/reward ratio: 1:3 (very attractive)
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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.