Buy above 17541. Stop loss at 16450. Take profit at 20300.
Reason for the trading strategy (technically):
Price has reversed perfectly as expected dropping to our support area and bouncing as expected. We remain bullish above major support area at 17541 (Multiple Fibonacci retracement, horizontal pullback support, support area) for a further 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 bouncing nicely off our 20% support and has good upside potential.
Reason for the trading strategy (fundamentally):
Bitcoin continues to see strong bullish fundamentals which are in line with the bounce we’re expecting on it today. The latest being Standpoint research forecasting it will trade for $400,000 because of the huge imbalance in supply and demand – 21 million Bitcoin can ever exist in an ever growing number of people who want to get their hands on it.
Reason for the trading strategy (technically):
Price has reversed perfectly as expected dropping to our support area and bouncing as expected. We remain bullish above major support area at 17541 (Multiple Fibonacci retracement, horizontal pullback support, support area) for a further 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 bouncing nicely off our 20% support and has good upside potential.
Reason for the trading strategy (fundamentally):
Bitcoin continues to see strong bullish fundamentals which are in line with the bounce we’re expecting on it today. The latest being Standpoint research forecasting it will trade for $400,000 because of the huge imbalance in supply and demand – 21 million Bitcoin can ever exist in an ever growing number of people who want to get their hands on it.