Trade Recommendation: Bitcoin

The trading idea is based on a breakout signal above the downtrend line and the local swing high. If the price moves above 7800.00 level, it will be a signal that the market is going to continue the uptrend. In order to catch this price movement, pending orders for buy should be placed at the 7810.00 level with stop orders at 7380.00 . Profit targets are 8200.00 and 8500.00 levels. If the market bounces from the downtrend line and moves lower, we’ll have to use a new swing high for placing buy orders. And it will be a new trading opportunity. If you don’t use leverage, trading volume for this trade is up to 10% of your deposit.

Market: BTCUSD
Buy: 7810.00
Stop: 7380.00
Profit Targets: 8200.00 and 8500.00

The trading signal is based on Poloniex chart.

Disclaimer: The analyst is invested in Bitcoin.

Author:
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.