Trade Recommendation: Bitcoin

The price bounces from the kumo and a support zone formed by 4500.00 and 4400.00 levels. DMI confirms trend market conditions and strong downward movement. If the market does not continue falling, we’ll see ADX line reversal. After that that we’ll be able to open short term trades based on a reversal signal. Pending orders should be placed above the local swing high at 4570.00 level. Stop orders must be below 4400.00 support level. Profit target is 4750.00 level. If you don’t want to wait for ADX falling, it’s possible to place pending orders now. But you should note that this signal will be not so strong. If the market drops below the kumo, buy orders should be deleted. If you don’t use leverage, recommended trading volume for this trade is up to 3% from your deposit.

Buy: 4570.00
Stop: 4350.00
Profit Targets: 4750.00

The trading signal is based on Poloniex chart.

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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.