Hi, Bitcoin traders!
Here is the advanced technical analysis of BITCOIN, brought to you by Monfex - a revolutionary cryptocurrency trading platform.
An upward trend started to form on the 1H chart yesterday (Aug 22) and it is continuing its climb to the next resistance level of ~$10,500. The trend is struggling to reach a new high which means it could down again towards the support at ~$9,700.
If the candles beak below the current trendline we could see it enter the "Danger zone" which means the movement will continue sideways or head downwards.
The RSI has shown a bullish divergence(lower lows recorded while RSI records higher lows) starting on the 22nd which led to the increase in the Bitcoin price. This could mean a steady increase in the Bitcoin price in the short term.
The EMA(20) is hovering just below the current price, so we have momentum, but that could change if the price breaks into the "Danger zone" listed.
What To Consider:
Consider a buy at $10,250. At this price, it would indicate that we are recording higher highs and continuing with the upward trend. Take profit between the two resistants levels ($10,500-$10,700). If the price breaks hard above the $10,700 range, we could see it head past $11,000 in the short term.
Active Trade Signal:
- Buy at $10,250
- Stop-loss at $10,000
- Take-profit at $10,700
- Risk/reward ratio: 1:2 (attractive)
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