Bitcoin is right on major resistance presenting us a good opportunity to enter into this sell trade.
Sell below 8945. Stop loss at 9511. Take profit at 7920.
Reason for the trading strategy (fundamentally):
The big news event surrounding cryptocurrency is that the world’s economic leaders have set a July deadline for the first step towards unified regulation of cryptocurrency. They all agreed that the technology behind crypto assets has the potential to promote financial inclusion, but the impact on financial stability and potential uses in tax evasion and illegal activities needed to be understood first. Overall, this is a good step towards a broader acceptance of cryptocurrency.
Reason for the trading strategy (technically):
Price has risen further and is now testing major resistance at 8945 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension). We look to sell below this level for a push down to major support at 7920 (Fibonacci retracement, Fibonacci extension).
Stochastic (34,5,3) is seeing major resistance at 92% where a corresponding drop could occur from.
Sell below 8945. Stop loss at 9511. Take profit at 7920.
Reason for the trading strategy (fundamentally):
The big news event surrounding cryptocurrency is that the world’s economic leaders have set a July deadline for the first step towards unified regulation of cryptocurrency. They all agreed that the technology behind crypto assets has the potential to promote financial inclusion, but the impact on financial stability and potential uses in tax evasion and illegal activities needed to be understood first. Overall, this is a good step towards a broader acceptance of cryptocurrency.
Reason for the trading strategy (technically):
Price has risen further and is now testing major resistance at 8945 (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension). We look to sell below this level for a push down to major support at 7920 (Fibonacci retracement, Fibonacci extension).
Stochastic (34,5,3) is seeing major resistance at 92% where a corresponding drop could occur from.