BTCUSD is approaching our first resistance at 5855.2 (horizontal pullback resistance, 100% Fibonacci extension, 50% Fibonacci retracement) where a strong drop might occur to our major support at 4562.6 (50% Fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance.
Trading CFDs on margin carries high risk.
Losses can exceed the initial...
BTCUSD is approaching our first resistance at 4288.5 (horizontal swing high resistance, 61.8% Fibonacci extension) where a strong drop might occur to our major support at 3949.7 (horizontal overlap support, 38.2% Fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin...
Buy above 8301. Stop loss at 7499. Take profit at 10273.
Reason for the trading strategy (fundamentally):
The most recent news surrounding Bitcoin revolves around Mario Draghi, president of the European Central Bank. He has once again stated that he doesn’t think cryptocurrency is a currency as while the euro’s value is stable, the value of a bitcoin oscillates...
