By analyzing the chart and the new low we can see that the price is going to bounce from the 46.00 support level. By drawing an upward line which will be a support line for further upwards movement. RSI is going to confirm price reversal. We can use a breakout signal for confirmation of the upward movement and entry in the market.
Place pending orders for buy at 47.50 level. Stop orders must be below 46.00 support level. Profit target is near 50.00 resistance level. This is a short term and risky long trade. But it’s an additional opportunity to join the upward movement. If the price breaks the uptrend line, it will be a signal of downward movement.
Be ready to close this long trade and wait for new buy signals from lower support levels and the main trend line. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.
Profit Targets: 49.85
Original Author: Dmitriy Lavrov
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise