Here is the quick Monfex market analysis update.
The pullback we mentioned in Monfex`s last TA came and now Bitcoin is now reestablishing a past trend. With a strong rejection at $12,000 the price has dropped close to its support at ~$11,200.
The RSI showed Bitcoin hovering in the overbought range for about 2 days, it has since corrected and is now building some slight momentum back upwards.
What To Consider
If the price can crack $11,700 while on the upward trend, then there is room past $12,000. If the price hits a low of under $11,400 then we can see a new trending forming downwards.
Active Trade Signal:
- Buy at $11,750
- Stop-loss at $11,400
- Take-profit at $12,300
- Risk/reward ratio: 1:2 (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.