Buy above 8098. Stop loss at 7161. Take profit at 9923. Reason for the trading strategy (fundamentally): The big news surrounding cryptocurrencies would be Bank of America and JP Morgan Chase banning customers from purchasing bitcoin with their credit cards. This was largely due to the concerns about the credit risk of those who make such purchases. Adding on,...
Bitcoin has dropped absolutely perfectly to our major support level as expected. We now see our 1st major support at 8890 (Multiple ABC Fibonacci extension, horizontal swing low support) and a strong bounce could occur at this level to push price up to at least 11970 resistance (Fibonacci retracement, horizontal swing high resistance). Stochastic (34,5,3) is...
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...
Bitcoin continues to hover above major support at 9509 (psychological level, horizontal support, Fibonacci retracement) and a break of this level could trigger a sell off to push price towards 7572 (Fibonacci retracement, horizontal overlap support). We can see that price is facing major bearish momentum with a long term descending resistance line holding it down...
Sell below 10478. Stop loss at 11223. Take profit at 9328. Reason for the trading strategy (fundamentally): There continues to be more negative news surrounding Bitcoin and cryptocurrencies as a whole than positive ones. The latest one being the U.S. District Court issuing a temporary restraining order (TRO) freezing BitConnect’s assets as a second lawsuit was...
Bitcoin has dropped absolutely perfectly after breaking our ascending support and has reached our major support at 9500. We are now watching key support at 9509 (major swing low support, Fibonacci retracement) where a clean break of this level would open a potential drop to 7572 support (Fibonacci retracement, horizontal overlap support). RSI (34) remains under...
Sell below 10478. Stop loss at 11223. Take profit at 9328. Reason for the trading strategy (fundamentally): The biggest news that has driven Bitcoin lower recently was Facebook’s new policy that bans advertisements involving bitcoin and initial coin offerings, citing that they are frequently associated with misleading and deceptive promotional practices that are...
Bitcoin has started to test major resistance at 11962 (ABC Fibonacci extension, 61.8% Fibonacci extension, horizontal swing high resistance) and a strong reaction could occur at this level to push price down to at least 9470 support (Fibonacci extension, horizontal swing low support). Stochastic (55,5,3) is seeing major resistance at 96% where a corresponding...
Bitcoin has started to drop really nicely from our major resistance at 11962 (ABC Fibonacci extension, 61.8% Fibonacci extension, horizontal swing high resistance) and a further drop could occur to push price down all the way to 9470 support (Fibonacci extension, horizontal swing low support). It is important to watch the key ascending support which could result...
Sell below 12198. Stop loss at 13109. Take profit at 9328. Reason for the trading strategy (fundamentally): We are filled with more bearish news which has continued to drive the price of Bitcoin and the confidence in cryptocurrencies down. The latest being the securities commissioner of Kansas issuing a warning on the risks of cryptocurrencies and ICO...
Bitcoin has tested our descending resistance and continues to test major resistance at 11790 (61.8% Fibonacci retracement, horizontal overlap resistance, long term descending resistance line) where a strong reaction could occur at this level to push price down towards 9470 support (Fibonacci extension, horizontal swing low support). Stochastic (55,5,3) is seeing...
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...
Sell below 11083. Stop loss at 12029. Take profit at 9443 and 8142. Reason for the trading strategy (fundamentally): There continues to be bearish news surrounding Bitcoin with major payment processor Stripe choosing to end support for Bitcoin. This is largely due to lengthy transaction times, increasing transaction failure rate and growing fees has caused it to...
Bitcoin is in a strong descending channel and we’re seeing major resistance at 11016 (Fibonacci retracement, horizontal overlap resistance). Our next major support is at 9470 (Fibonacci extension, horizontal swing low support). We remain bearish as long as price remains in this descending channel. Trading CFDs on margin carries high risk. Losses can exceed the...
Sell below 11083. Stop loss at 12029. Take profit at 9443 and 8142. Reason for the trading strategy (fundamentally): News around cryptocurrencies have not been too positive recently. The latest being Korean crypto exchange Korbit banning non-citizens from depositing local currencies on its platform. The move was particularly because of new regulations banning...
Bitcoin bounced right up to our first major resistance perfectly as forecast previously! It is now right on major support at 11060 (50% Fibonacci retracement, horizontal swing low support, Fibonacci extension) and a strong bounce could occur at this level to push price up to at least 12912 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci...
Buy above 12858. Stop loss at 12348. Take profit at 13748. Reason for the trading strategy (technically): Price has reached our selling area and dropped down perfectly to our profit target. We look to play another bounce above 12858 support (ABC Fibonacci extension, horizontal swing low support) towards our resistance target at 13748 (Fibonacci retracement,...