Sell below 10478. Stop loss at 11223. Take profit at 9328.
Reason for the trading strategy (fundamentally):
The biggest news that has driven Bitcoin lower recently was Facebook’s new policy that bans advertisements involving bitcoin and initial coin offerings, citing that they are frequently associated with misleading and deceptive promotional practices that are not currently operating in good faith.
Reason for the trading strategy (technically):
Bitcoin has continued to drop perfectly as expected and recently broke our ascending support-turned-resistance line pushing it all the way down to a major psychological level of 10,000 (also a corresponding horizontal swing low support level). We remain bearish looking to sell below 10478 resistance (horizontal overlap resistance) for a further push down to major support at 9328 (Fibonacci extension, horizontal swing low support).
RSI (34) remains under heavy bearish pressure with our descending resistance line.
Reason for the trading strategy (fundamentally):
The biggest news that has driven Bitcoin lower recently was Facebook’s new policy that bans advertisements involving bitcoin and initial coin offerings, citing that they are frequently associated with misleading and deceptive promotional practices that are not currently operating in good faith.
Reason for the trading strategy (technically):
Bitcoin has continued to drop perfectly as expected and recently broke our ascending support-turned-resistance line pushing it all the way down to a major psychological level of 10,000 (also a corresponding horizontal swing low support level). We remain bearish looking to sell below 10478 resistance (horizontal overlap resistance) for a further push down to major support at 9328 (Fibonacci extension, horizontal swing low support).
RSI (34) remains under heavy bearish pressure with our descending resistance line.