Buy above 10332. Stop loss at 7902. Take profit at 12808 and 14497. Reason for the trading strategy (fundamentally): There has been little major news announcements that have caused Bitcoin to move significantly recently. There’s still a battle amongst the bears who are riding on the wave of regulatory setbacks Bitcoin is facing and the optimists who are bullish above the psychological $10,000 support. The next few major news announcements will likely have stronger volatile impacts as there is pent up demand and supply all waiting on the sidelines now for the next sign of where Bitcoin is heading. Reason for the trading strategy (technically): Price has continued to bounce nicely and we remain bullish looking to buy on dips above 10294 (Fibonacci retracement, horizontal overlap support) for a further push up to at least 12808 before 14497 resistance (Fibonacci retracement, horizontal pullback resistance and horizontal swing high resistance). We look to move our stop loss to support at 9399 (ABC Fibonacci extension, horizontal swing low support) to protect our profits. Stochastic (34,5,3) is seeing major support above 12% where we expect further upside movement from.
Are you not expecting another retest of the previous low around 9400?
Bartdeking
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@vspectra,
buy at 10294 so he probably expect BTC to go to 10294
sell at 9399 so he probably does NOT expect BTC to go to 9399 and therefore he places a stop loss at that level.
even though BTC could be in a bear trend it will probably 98% sure retrace to 14000 levels where it will consolidate where bears and bulls will fight.