Trade Recommendation: Bitcoin

The price is at the support zone formed by the uptrend line, SMA100 and 0.382 Fib level. MACD histogram gives bullish signal. RSI is at the oversold zone and it will be able to confirm possible price reversal. The local swing high can be used for placing buy orders. If the price bounces from the support zone and moves above this swing high, we’ll get an additional confirmation for further upward movement. Entry level is 15500.00 with stop orders at 13150.00 level. The 1st profit target can be 17000.00 resistance level. This target is good for short term trading. The 2nd target is 20000.00 resistance level. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: BTCUSDT
Buy: 15500.00
Stop: 13150.00
Profit Targets: 17000.00 and 20000.00

The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some 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.