Bitcoin bouncing perfectly, look to protect our profits
Buy above 10332. Stop loss at 7902. Take profit at 12808 and 14497.
Reason for the trading strategy (fundamentally):
There is still tremendous doom and gloom about Bitcoin and the only reason we are seeing a correction is because Goldman Sachs analyst Sheba Jafari has published an analysis saying that we expect a possible correction below $10,000. That has fuelled some hope amongst investors and led to the recent intermediate corrective bounce.
Reason for the trading strategy (technically):
Price has bounced perfectly off our buying area and we look to buy on dips above 10294 (Fibonacci retracement, horizontal overlap support) for a further push up to at least 12808 before 14497 resistance (Fibonacci retracement, horizontal pullback resistance and horizontal swing high resistance). We look to move our stop loss to support at 9399 (ABC Fibonacci extension, horizontal swing low support) to protect our profits.
Stochastic (34,5,3) is seeing major support above 12% where we expect further upside movement from.
Reason for the trading strategy (fundamentally):
There is still tremendous doom and gloom about Bitcoin and the only reason we are seeing a correction is because Goldman Sachs analyst Sheba Jafari has published an analysis saying that we expect a possible correction below $10,000. That has fuelled some hope amongst investors and led to the recent intermediate corrective bounce.
Reason for the trading strategy (technically):
Price has bounced perfectly off our buying area and we look to buy on dips above 10294 (Fibonacci retracement, horizontal overlap support) for a further push up to at least 12808 before 14497 resistance (Fibonacci retracement, horizontal pullback resistance and horizontal swing high resistance). We look to move our stop loss to support at 9399 (ABC Fibonacci extension, horizontal swing low support) to protect our profits.
Stochastic (34,5,3) is seeing major support above 12% where we expect further upside movement from.
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