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BITCOIN: New Upward Trend Forming, Could We Hit $12,000 Again?

Dear trader!  

Here is the quick Monfex market analysis update.  



Trend analysis 
After the symmetrical triangle formed, we saw a sharp break downwards. I listed the break in my last TA here: 
BITCOIN: Getting ready to break 

The break downwards was somewhat expected, but now we are starting to see two new trends take shape. The most recent one is an upward trend that may have some power behind it due to the  hammer candle located on the chart. This  hammer candle indicates a strong rejection and possibly a reversal of the downward pattern.  

The fast  EMA (100) is starting to make a sideways move, and it could make a  bearish crossover is the price goes below its support at ~$11,100. The  RSI is showing some healthy momentum, but the  volume is very low at this point 

What To Watch 
If the price follows the current trend, we could see another $12,000 test in a couple of days. If the price falls below the bottom of the current  trendline, we could be in bear country. 

What To Consider 
Consider a buy close to the bottom  trend line of about $11,300 and a sell right before the $12,000 mark. If the price falls below $11,100 it may be time for a stop-loss sell as it could be going past the support line and continue on with the downward trend established after the triangle. 

Active Trade Signal: 
- Buy at $11,300  
- Stop-loss at $11,000  
- Take-profit at $12,000  
- Risk/reward ratio: 1:2 (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.