MEX_Exchange
Long

Bitcoin rising nicely as expected, remain bullish

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Buy above 8975. Stop loss at 8181. Take profit at 10273.
Reason for the trading strategy (fundamentally):
There has been more positive news about Bitcoin             recently with CFTC approving the creation of two subcommittees. One devoted to cryptocurrencies and the other on broader application of distributed ledgers in the finance space. There has also been strong appeal to regulators to boost their involvement in the blockchain and cryptocurrency industries. The general mood after the meeting was one that the CFTC is starting to accept that they need to keep up with the times in managing cryptocurrencies.
Reason for the trading strategy (technically):
Bitcoin             has rose nicely as expected after breaking our long term descending resistance-turned-support line. We can see that price has broken a short term intermediate descending line too ( gold             ) which signals an acceleration of bullish momentum. We remain bullish above 8975 support (horizontal pullback support, bullish breakout level) for a further push up to 10273 resistance ( Fibonacci retracement , horizontal overlap resistance).
RSI (34) has also made a bullish exit from its long term descending resistance-turned-support line signalling a change in momentum.
https://telegram.me/fxtradingroom --> join the waiting list for our free live trading room!
I dont agree with many of your trades, but do you know that TICKMILL is copying your recco's? Not my business, but at least you put in the work.
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder 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