MEX_Exchange
Short

Bitcoin profit target reached perfectly, prepare for a drop

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Sell below 13995. Stop loss at 14690. Take profit at 12948.
Reason for the trading strategy (fundamentally):
Price has continued to experience bearish pressure especially with a lot of investors’ eyes on the South Korean government plans to close the country’s cryptocurrency exchanges along with the tax authorities investing some of the exchanges in Korea. Some banks, including South Korea’s largest bank, Shinhan Bank, have decided to close down their virtual currency accounts in order to comply with new regulations surrounding their use. This has led to the spooking of many Bitcoin             investors.
Reason for the trading strategy (technically):
Price has bounce from our buying entry perfectly and has reached our profit target. We look to sell below 13995 resistance ( Fibonacci retracement , horizontal pullback resistance, breakout level) for a push down to at least 12948 support ( Fibonacci retracement , horizontal swing low support, Fibonacci extension ).
Stochastic (21,5,3) is seeing major resistance below 92% where we expect a strong reaction from.
it will bounce back now? can i buy now?
Reply
Boy, you sure were extremely, extremely right amidst the stampede of bulls, I was bullish for a breakout til this happened, now I'm thinking a test of somewhere around 11k is next
+1 Reply
What a shot! great job
+1 Reply
Great
Reply
Why short such a little range?it costs me money and time
Reply
Brian_Jeon VikingPirate
@VikingPirate, margin trading dude.
+1 Reply
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
HE עברית
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