Buy above 8937. Stop loss at 8454. Take profit at 9946.
Reason for the trading strategy (technically):
We see BTCUSD being held up by its ascending channel where we expect it to rise further. We look to buy above 8937 (38.2% Fibonacci retracement, horizontal overlap support) where price is expected to rise to its resistance at 9946 (61.8% Fibonacci extension, long term 61.8% Fibonacci extension). We do have to be cautious of the intermediate resistance at 9726 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance).
Stochatic (34, 5, 3) is approaching its support at 6.8% where we expect to see a bounce.
Reason for the trading strategy (technically):
We see BTCUSD being held up by its ascending channel where we expect it to rise further. We look to buy above 8937 (38.2% Fibonacci retracement, horizontal overlap support) where price is expected to rise to its resistance at 9946 (61.8% Fibonacci extension, long term 61.8% Fibonacci extension). We do have to be cautious of the intermediate resistance at 9726 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance).
Stochatic (34, 5, 3) is approaching its support at 6.8% where we expect to see a bounce.