Intro: Bitcoin has dropped as expected and is fast approaching strong support where a bounce is likely to occur.
Buy above 9877. Stop loss at 9616. Take profit at 10397.
Reason for the trading strategy (fundamentally):
We have had mixed news on the cryptocurrency front recently with the Lithuania Banking Association warns its residents over crypto investments and has basically gave it a vote of no confidence. However, on the other hand, CFTC has finally given the green light for employees to trade cryptocurrency after it had received numerous inquiries from employees about whether they could do so. This comes as a huge showing of support from the public point of view.
Reason for the trading strategy (technically):
Price has dropped strongly since yesterday and is fast approaching our major support level at 9877 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Elliott wave structure) where a bounce is likely to occur to push price up towards 10397 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 10% where a corresponding bounce could occur.
Buy above 9877. Stop loss at 9616. Take profit at 10397.
Reason for the trading strategy (fundamentally):
We have had mixed news on the cryptocurrency front recently with the Lithuania Banking Association warns its residents over crypto investments and has basically gave it a vote of no confidence. However, on the other hand, CFTC has finally given the green light for employees to trade cryptocurrency after it had received numerous inquiries from employees about whether they could do so. This comes as a huge showing of support from the public point of view.
Reason for the trading strategy (technically):
Price has dropped strongly since yesterday and is fast approaching our major support level at 9877 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Elliott wave structure) where a bounce is likely to occur to push price up towards 10397 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 10% where a corresponding bounce could occur.