MEX_Exchange
Long

Bitcoin remain bullish

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Buy above 8301. Stop loss at 7499. Take profit at 10273.
Reason for the trading strategy (fundamentally):
The most recent news surrounding Bitcoin             revolves around Mario Draghi, president of the European Central Bank . He has once again stated that he doesn’t think cryptocurrency is a currency as while the euro’s value is stable, the value of a bitcoin             oscillates wildly. On top of that, while the euro             is backed by the ECB, dollar by the Federal Reserve , currencies by the central banks or their governments, nobody backs bitcoin             . With no legal protections for users who lose their bitcoins             to theft and the high transaction costs of using bitcoin             , it is very clear that Mario Draghi is not a big fan of Bitcoin             and his statements have not given Bitcoin             investors much confidence in the currency.
Reason for the trading strategy (technically):
Bitcoin             has started to make a bullish exit from our long term descending resistance-turned-support line signalling that there’s a change in momentum to bullish . We remain bullish looking to buy above major support at 8301 ( Fibonacci retracement , horizontal overlap support) for a push up to at least 10273 resistance ( Fibonacci retracement , horizontal pullback resistance).
RSI (34) has finally made a bullish exit from our long term descending resistance-turned-support line signalling that there’s a change in momentum to bullish .
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good area to take profit, i'd go a bit lower,don't you think it's a bulltrap though
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done :))
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