Trade Recommendation: Bitcoin

The price bounced from the support zone formed by the uptrend line and 4000.00-3900.00 support levels. RSI and a bullish divergence confirmed price reversal. It’s time to buy. The local swing high will be a good level for placing pending orders. If the market passes 4200.00 level, it will be an additional confirmation of further upward movement. Stop orders must be placed below 3900.00 support level. Profit target should be at 4500.00 resistance level. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

Buy: 4200.00
Stop: 3890.00
Profit Targets: 4460.00

The trading signal is based on Poloniex chart.

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.