BITCOIN’S Next Target is $13K (or $8K?) Watch for these SIGNALS!

 

 

Hi, Bitcoin traders! 

Here is the advanced technical analysis of BITCOIN, brought to you by Monfex - a revolutionary cryptocurrency trading platform.  

 

Analysis of chart patterns

A triangle is forming on the 4-hour timeframe, which is a strong trend continuation chart pattern. 

We are seeing a continuing price consolidation in a narrow range: after the bounce down to $9,500, the price has formed a new local low, higher than the previous low. The highs have been declining as well, thus forming a downwards trendline. This indicates a possible pop in either direction in the coming week, as we are reaching the tip of the triangle. 

If the price breaks up, we could see an increase back up to the $13,000 range with a possible trend continuation upwards; if it breaks down, get ready for a ride below $9,000. 

The intraday (short-term) trend shows that the price is moving up within an ascending trend channel, with the price target identified at $11,500. If the price doesn't break below $10,400 then we could see a steady increase to the short term target of $11,500.

 

Trend analysis

The RSI hasn't quite reached the overbought range and is increasing, thus generating a Buy signal. It looks like it may head back down soon as the price is losing momentum. 

The fast EMA (30) has reversed upwards indicating the intraday trend is up. The two indicators (the RSI oscillator and the moving average) are confirming the overall Buy recommendation for Bitcoin with a short-term target at $11,500.

The slow EMA (200) is right at the price indicating a flat trend and a heightened level of uncertainty, and it looks like the next few days we'll see if we are in bear country or bull country.   

What To Consider:

Consider a buy at around the current price ~$10,600 and watch for an increase up to $11,700. If the price breaks below $10,400 be on the lookout for a downward trend channel. At this point, the shorts may take over and we could see a drop to the sub $9,000 range.

 

Active Trade Signal: 

  • Buy at $10,600 
  • Stop-loss at $10,300 
  • Take-profit at $11,500 
  • 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.