Buy above 15467. Stop loss at 13901. Take profit at 17945.
Reason for the trading strategy (technically):
Price has dropped strongly and is now testing major support at 15467 (38.2% long term Fibonacci retracement, 61.8% short term Fibonacci retracement, horizontal overlap support) and we expect an intermediate correction from here to push price up to at least 17945 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 20% where we expect a bounce from.
Reason for the trading strategy (fundamentally):
We’re seeing Bitcoin drop with investors getting concerned over their network stability and are starting to look towards Bitcoin Cash and Litecoin. Despite this, Bitcoin continues to see strong bullish fundamentals which are in line with the bounce we’re expecting on it today. The latest being Standpoint research forecasting it will trade for $400,000 because of the huge imbalance in supply and demand – 21 million Bitcoin can ever exist in an ever growing number of people who want to get their hands on it.
Reason for the trading strategy (technically):
Price has dropped strongly and is now testing major support at 15467 (38.2% long term Fibonacci retracement, 61.8% short term Fibonacci retracement, horizontal overlap support) and we expect an intermediate correction from here to push price up to at least 17945 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 20% where we expect a bounce from.
Reason for the trading strategy (fundamentally):
We’re seeing Bitcoin drop with investors getting concerned over their network stability and are starting to look towards Bitcoin Cash and Litecoin. Despite this, Bitcoin continues to see strong bullish fundamentals which are in line with the bounce we’re expecting on it today. The latest being Standpoint research forecasting it will trade for $400,000 because of the huge imbalance in supply and demand – 21 million Bitcoin can ever exist in an ever growing number of people who want to get their hands on it.