Here is the quick Monfex market analysis update.
Bitcoin is on a considerable run headed towards the next resistance mark of $13,000. The fast EMA (200) shows a bullish price crossover, and now the fast EMA (200) is below the current price, which indicates upward momentum. The volume is increasing but the RSI shows that the price is well into the overbought range. With the price getting rejected hard at the $12,000 mark and now showing a long candle wick on the 4hr chart, we can expect a bit of a pullback.
What To Consider
The closest established support level is at $11,000 so 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)
If you agree with this analysis, then Follow Us at Trading View!
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.