MEX_Exchange
Short

Bitcoin still testing resistance, remain bearish

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Sell below 8321. Stop loss at 9805. Take profit at 5758.
Reason for the trading strategy (fundamentally):
News have been slightly positive for Cryptocurrency lately with some encouragement received in the form of Nvidia             CEO             saying that cryptocurrency is ‘not going to go away’. Along with that, Arizona has cleared a bill that aims to allow residents in the state to pay their taxes with bitcoin             and other cryptocurrencies. These are encouraging signs for cryptocurrencies indeed.
Reason for the trading strategy (technically):
Bitcoin             continues to respect our descending resistance line really well and continues to test our selling entry. We remain bearish looking to sell below 8321 resistance ( Fibonacci retracement , horizontal pullback resistance, breakout level, descending resistance) for a further push down to at least 5758 support ( Fibonacci extension , horizontal swing low support).
RSI (34) remains under strong bearish pressure with our long-term descending resistance line. We can see multiple reactions off our resistance lines and only a break above 56% would signal a bullish recovery.
https://telegram.me/fxtradingroom --> join the waiting list for our free live trading room!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out