Bitcoin is testing major resistance at 8587 (Fibonacci retracement, horizontal overlap resistance, descending resistance) and a drop from this level could occur pushing price down to 6064 support (Fibonacci extension, horizontal swing low support). Our next level of resistance is at 9876 (Fibonacci retracement, horizontal pullback resistance).
Trading CFDs on...
Sell below 8321. Stop loss at 9805. Take profit at 5758.
Reason for the trading strategy (fundamentally):
News have been slightly positive for Cryptocurrency lately with some encouragement received in the form of Nvidia CEO saying that cryptocurrency is ‘not going to go away’. Along with that, Arizona has cleared a bill that aims to allow residents in the state...
Sell below 8321. Stop loss at 9805. Take profit at 5758.
Reason for the trading strategy (fundamentally):
While there has been some good news with Canadian cryptocurrency exchange Coinsquare raising $30 million in new equity financing, there was also the flipside where Hong Kong-based cryptocurrency exchange Binance continues to halt trading and customer...
Sell below 7993. Stop loss at 8885. Take profit at 5758.
Reason for the trading strategy (fundamentally):
Bank for International Settlements (BIS) chief, Agustin Carstens, has blasted bitcoin as a ponzi scheme, an environmental disaster and a threat to central banks. He further blasted bitcoin by stating that cryptocurrencies fail to meet the basic textbook...
The first target is reached see the link below. Now it is expected to reach our next level of support which was resistance in the past if you look left. Someone wants to buy it for a cheaper price, it's a clear manipulation I think
Sell below 7993. Stop loss at 8885. Take profit at 5758.
Reason for the trading strategy (fundamentally):
Another big news in the cryptoworld is Lloyds Banking Group, which includes Lloyds Bank, Halifax, MBNA and Bank of Scotland, has barred customers from using credit cards to buy bitcoin and other cryptocurrencies. Its decision is over concerns that users may...
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...
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...
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...
Sell below 12198. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
The security of cryptocurrency has been hit once again with tokyo-based cryptocurrency exchance Coincheck confirming that It has suffered what appears to be the biggest hack in the history of the technology, losing $533 million. While this doesn’t...
Sell below 11786. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
There has been slightly more good news coming in lately which is causing Bitcoin to hold well above the 10,000 mark. Good news revolve around Singapore’s MAS (Monetary Authority of Singapore) believing bitcoin won’t cause a financial meltdown like the 2008...
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...
