Sell below 15995. Stop loss at 16612. Take profit at 14739.
Reason for the trading strategy (technically):
Bitcoin has dropped perfectly from our selling area. We now close off our position in profit and prepare to sell on the break of 15995 support (Fibonacci retracement, horizontal overlap support, bullish price action) and if price closes below this level, we expect a strong push down to at least 14739 support (Fibonacci retracement, horizontal overlap support).
Reason for the trading strategy (fundamentally):
The rise of bitcoin has been slowing down especially with news from the South Korean government holding an emergency meeting to evaluate the state of the local cryptocurrency market and trading of digital currencies. There are plans to introduce various regulatory measures on Friday, December 15. This is largely due to many cryptocurrency-related Ponzi schemes in the local market and many scams going around. So expect slower movements on Bitcoin towards the end of this week.
Reason for the trading strategy (technically):
Bitcoin has dropped perfectly from our selling area. We now close off our position in profit and prepare to sell on the break of 15995 support (Fibonacci retracement, horizontal overlap support, bullish price action) and if price closes below this level, we expect a strong push down to at least 14739 support (Fibonacci retracement, horizontal overlap support).
Reason for the trading strategy (fundamentally):
The rise of bitcoin has been slowing down especially with news from the South Korean government holding an emergency meeting to evaluate the state of the local cryptocurrency market and trading of digital currencies. There are plans to introduce various regulatory measures on Friday, December 15. This is largely due to many cryptocurrency-related Ponzi schemes in the local market and many scams going around. So expect slower movements on Bitcoin towards the end of this week.