Here is the quick Monfex market analysis update.
Bitcoin is starting to consolidate close to the $10,000 resistance area . This is the third time this week that the 10k price was tested. With currently low volatility and lower volume levels, we most likely won't see the price move too dramatically until there is some big news or the price clearly breaks through the R1 level or the S1 level.
What To Consider
If the price breaks past 10k, expect the volatility to increase. From $10,000 - $10,200, we should see the fast EMA (200) do a bullish price crossover. From that point, a BUY at $10,200 is attractive, and a SELL at $10,600 (R2).
If the price falls close to the support from $9,400 - $9,300 BUY at $9,300 and SELL at $9,650.
Active Trade Signal When Breaks R1:
- Buy at $10,200
- Stop-loss at $9,900
- Take-profit at $10,600
Active Trade Signal When Falls to S1:
- Buy at $9,300
- Stop-loss at $9,100
- Take-profit at $9,650
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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.