Buy above 17541. Stop loss at 16450. Take profit at 20300.
Reason for the trading strategy (technically):
Bitcoin has risen further and is starting to see an intermediate reversal. We expect a drop towards the 17000-18000 area as we look to buy above 17541 (Multiple Fibonacci retracement, horizontal pullback support, support area) for a bounce and a push up to at least 20300 (Multiple Fibonacci extension). First resistance is at 19637 (swing high resistance) to watch out for too.
Stochastic (34,5,3) is seeing major support above 20% where we can expect a bounce from.
Reason for the trading strategy (fundamentally):
Bitcoin continues its strong rise and the latest fundamentals surrounding it is Saxo Bank’s forecast that it will continue to rise during most of 2018 with a target of even $60,000 before a potential collapse. However, the news that the potential of Bitcoin is at $60,000 will drive more speculators to look for good entry prices on this. Hence for today and the coming days, we’ll maintain a bullish bias and look for buying entries at dips.
Reason for the trading strategy (technically):
Bitcoin has risen further and is starting to see an intermediate reversal. We expect a drop towards the 17000-18000 area as we look to buy above 17541 (Multiple Fibonacci retracement, horizontal pullback support, support area) for a bounce and a push up to at least 20300 (Multiple Fibonacci extension). First resistance is at 19637 (swing high resistance) to watch out for too.
Stochastic (34,5,3) is seeing major support above 20% where we can expect a bounce from.
Reason for the trading strategy (fundamentally):
Bitcoin continues its strong rise and the latest fundamentals surrounding it is Saxo Bank’s forecast that it will continue to rise during most of 2018 with a target of even $60,000 before a potential collapse. However, the news that the potential of Bitcoin is at $60,000 will drive more speculators to look for good entry prices on this. Hence for today and the coming days, we’ll maintain a bullish bias and look for buying entries at dips.