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):
While there has been some good news with Canadian cryptocurrency exchange Coinsquare raising $30 million in new equity financing, there was also the flipside where Hong Kong-based cryptocurrency exchange Binance continues to halt trading and customer withdrawals amongst a blackout – which has sparked fears of another hack which seems to be happening all too often these days. This has caused Bitcoin to come to a standstill in terms of price with the general consensus surrounding it being mainly neutral.
Reason for the trading strategy (technically):
Bitcoin remains under strong bearish pressure from our descending resistance line. We look 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). We’ll be giving this trade a bit more breathing space by moving our stop loss to 9805.
RSI (34) remains under strong bearish pressure with our long-term descending resistance line.
What is the broker in which you have a trading account?
Why wouldn't you have your stop loss at $9300? $9805 seems like a large jump, or do your change your stops if the market turns bullish?
+1 Reply
@PaulC69, Resistance is an area, you dont want to be stopped out randomly. Also you should never change your stops after you enter a trade from your trading plan.
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