Trade Recommendation: Bitcoin

The price moves in the cloud which tells us about a range market. DMI also confirms such market conditions and for trading we should wait when ADX line starts upward movement to 20 level at least. We will have buy opportunity when price breaks the downtrend line, passes through the cloud and moves above 4000.00 resistance level. It will be confirmation of further upward movement. DMI will have to confirm trend market conditions. For entry the market we can place buy orders above the resistance at 4030.00 level. Stop orders must be placed below the support at 3460.00 level. Profit targets are 4400.00 and 4900.00 resistance levels. If the market breaks the uptrend line and drops below the cloud, we’ll have confirmation for a new downward movement. You will have to delete buy orders and wait for new trading signals. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

Market: BTCUSD
Buy: 4030.00
Stop: 3460.00
Profit Targets: 4400.00 and 4900.00

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.