Buy above 6661. Stop loss at 6555. Take profit at 6895.
Reason for the trading strategy (fundamentally):
While the markets are generally optimistic about Bitcoin and cryptocurrencies, the latest hack on South Korea’s leading exchange, Bithumb, has put a strong dampener on optimism. Apparently about 35,000,000,0000 KRW worth of cryptocurrencies have been stolen and this news just serves as a kind and timely reminder that the world of cryptocurrencies is still in its very early stages – something like this would be equivalent to a bank being robbed which is unimaginable and untolerable in today’s security standards.
Reason for the trading strategy (technically):
BTCUSD is testing strong support at 6661 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and a strong bounce could occur above this level, aided by our bullish Ichimoku cloud, to push prices all the way up to our profit target level of 6895.
Stochastic (55,5,3) is seeing strong support above 12.6% where a corresponding bounce could occur.
Reason for the trading strategy (fundamentally):
While the markets are generally optimistic about Bitcoin and cryptocurrencies, the latest hack on South Korea’s leading exchange, Bithumb, has put a strong dampener on optimism. Apparently about 35,000,000,0000 KRW worth of cryptocurrencies have been stolen and this news just serves as a kind and timely reminder that the world of cryptocurrencies is still in its very early stages – something like this would be equivalent to a bank being robbed which is unimaginable and untolerable in today’s security standards.
Reason for the trading strategy (technically):
BTCUSD is testing strong support at 6661 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and a strong bounce could occur above this level, aided by our bullish Ichimoku cloud, to push prices all the way up to our profit target level of 6895.
Stochastic (55,5,3) is seeing strong support above 12.6% where a corresponding bounce could occur.