Intro: We’re still bullish on bitcoin as long as it remains above our ascending support line.
Buy above 10356. Stop loss at 9092. Take profit at 12976.
Reason for the trading strategy (fundamentally):
The latest news surrounding cryptocurrency trading comes from South Korea which appears to be softening its stance on cryptocurrency trading. Choe Heuing-sik, governor of the Financial Supervisory Service, has said the government “will support if normal transactions are made.” And will “encourage” banks to work with cryptocurrency exchanges. This would be seen positively by South Korea’s crypto community along with the larger world market. Long term wise, it’s definitely good news for bitcoin as it shows an increasing acceptance to it as long as the proper steps are taken.
Reason for the trading strategy (technically):
Bitcoin continued to rise nicely and has made a pullback to our ascending support line strongly. Our bullish bias remains as long as our ascending support line is not broken strongly. We remain bullish looking to buy on dips above 10356 support (horizontal overlap support, ascending support) for a further rise to 12976 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) sees an overlap support at 53%which continues to hold our bullish bias.
Buy above 10356. Stop loss at 9092. Take profit at 12976.
Reason for the trading strategy (fundamentally):
The latest news surrounding cryptocurrency trading comes from South Korea which appears to be softening its stance on cryptocurrency trading. Choe Heuing-sik, governor of the Financial Supervisory Service, has said the government “will support if normal transactions are made.” And will “encourage” banks to work with cryptocurrency exchanges. This would be seen positively by South Korea’s crypto community along with the larger world market. Long term wise, it’s definitely good news for bitcoin as it shows an increasing acceptance to it as long as the proper steps are taken.
Reason for the trading strategy (technically):
Bitcoin continued to rise nicely and has made a pullback to our ascending support line strongly. Our bullish bias remains as long as our ascending support line is not broken strongly. We remain bullish looking to buy on dips above 10356 support (horizontal overlap support, ascending support) for a further rise to 12976 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) sees an overlap support at 53%which continues to hold our bullish bias.