ForecastCity

A Bullish Engulfing Pattern is formed in Bitcoin daily chart

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Midterm Forecast:
. While the price is above the support 6000.00, resumption of uptrend is expected.
. We make sure when the resistance at 9774.80 breaks.
. If the support at 6000.00 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:
.While the RSI support #1 at 30 is not broken, the probability of price decrease would be too low.
. The RSI downtrend #2 is broken, so the probability of a resumption of uptrend is increased.
. Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
. Relative strength index ( RSI ) is 41.
. A "Bullish Engulfing Pattern" is formed in the daily chart at 7469.45 on 05/29/2018, so the probability of beginning of uptrend is increased.

Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (6974.35 to 6000.00). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

Beginning of entry zone (6974.35)
Ending of entry zone (6000.00)

Take Profits:
TP1= @ 7556.25
TP2= @ 8180.60
TP3= @ 9051.90
TP4= @ 9774.80
TP5= @ 11600.00
TP6= @ 12750.00
TP7= @ 15308.00
TP8= @ 17095.65
TP9= @ 19704.20
TP10= Free

Trade Setup:
We opened 10 BUY trade(s) @ 6715.85 based on 'Hammer' entry method at 2018.04.01.
Total Profit: 1181981 pip
Closed trade(s): 770015 pip Profit
Open trade(s): 411966 pip Profit

Closed Profit:
TP1 @ 7556.25 touched at 2018.04.12 with 84040 pip Profit.
TP2 @ 8180.60 touched at 2018.04.15 with 146475 pip Profit.
TP3 @ 9051.90 touched at 2018.04.24 with 233605 pip Profit.
TP4 @ 9774.80 touched at 2018.05.05 with 305895 pip Profit.
84040 + 146475 + 233605 + 305895 = 770015 pip

Open Profit:
Profit for one trade is 7402.46(current price) - 6715.85(open price) = 68661 pip
6 trade(s) still open, therefore total profit for open trade(s) is 68661 x 6 = 411966 pip

HighAccurate forecast for
🌟36 Forex Pairs:1.010.346 pips track record profit
🌟155 Cryptos
🌟Gold,Silver,Oils,Gas
🌟Best Profitable Trading Strategies

in 9 languages

since 2007
http://www.ForecastCity.com
🌟FREE Telegram
t.me/forecastcity_com
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.