MEX_Exchange
Long

Bitcoin dropped perfectly to our profit, immediate bounce next!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

Buy above 8968. Stop loss at 8591. Take profit at 9898.
Reason for the trading strategy (fundamentally):
The big news would be India’s finance minister, Arun, announcing that the government does not view cryptocurrencies as a form of legal tender and would take measures against the tech’s use for illegitimate purposes. This big stance on cryptocurrencies shook many investors and has caused a sell off pushing price beyond the 10,000 psychological level.
Reason for the trading strategy (technically):
Bitcoin             has dropped absolutely perfectly to our profit target as expected. We are now seeing major support at 8968 ( ABC Fibonacci extension , 61.8% Fibonacci extension ) and a strong bounce can be expected at this level to correct price up to 9898 resistance ( Fibonacci retracement , horizontal pullback resistance, breakout level).
Stochastic (34,5,3) is seeing major support at 6.6% where a corresponding bounce could be expected.
https://telegram.me/fxtradingroom --> join the waiting list for our free live trading room!
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