Bitcoin is fast approaching major resistance at 11790 (61.8% Fibonacci retracement, horizontal overlap resistance, long term descending resistance line) and a strong reaction could occur at this price to push price down towards 9470 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 96% where a...
Sell below 11786. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
There hasn’t been positive news nor negative news on Bitcoin recently with the latest one being Goldman Sachs CEO denying that they were going to launch their own bitcoin trading desk. We’re seeing a bit of a squeeze around the 11,600 range area and when...
We've got a Head & Shoulders pattern completed (it is cleaner on the H4 but I've charted on daily to show the ABC correction as well).
Our first target will be $8k and second target is $5k. Stops would be above the $17k psychological resistance level.
Now that we've broken the neckline, I would expect a retest of the neckline as previous support and should now...
