Bitcoin continues to rise strongly,prepare to buy on breakout
Intro: Bitcoin is seeing major resistance which would open a big rise once it is broken.
Buy above 11704. Stop loss at 10972. Take profit at 13030.
Reason for the trading strategy (fundamentally):
The big good news surrounding bitcoin is Liechtenstein-based family bank, Bank Frick, has become one of the first banks in the world that allows clients to directly invest in cryptocurrencies. This is a big step and stamp of approval for bitcoin and the other major cryptocurrencies such as litecoin, Ripple and ether. This move marks the latest effort among financial institutions in the region to move to support the growth of cryptocurrency and block chain development.
Reason for the trading strategy (technically):
Price is seeing major resistance at 11704 (Fibonacci retracement, horizontal swing high resistance) which needs to be broken before it opens a bigger move up to 13030 resistance (Fibonacci retracement, horizontal overlap resistance). It’s nice to see that price has broken our long term descending resistance-turned-support line signalling that we’re likely to see a change in momentum from bearish to bullish.
RSI (34) is holding well above our ascending support.
Buy above 11704. Stop loss at 10972. Take profit at 13030.
Reason for the trading strategy (fundamentally):
The big good news surrounding bitcoin is Liechtenstein-based family bank, Bank Frick, has become one of the first banks in the world that allows clients to directly invest in cryptocurrencies. This is a big step and stamp of approval for bitcoin and the other major cryptocurrencies such as litecoin, Ripple and ether. This move marks the latest effort among financial institutions in the region to move to support the growth of cryptocurrency and block chain development.
Reason for the trading strategy (technically):
Price is seeing major resistance at 11704 (Fibonacci retracement, horizontal swing high resistance) which needs to be broken before it opens a bigger move up to 13030 resistance (Fibonacci retracement, horizontal overlap resistance). It’s nice to see that price has broken our long term descending resistance-turned-support line signalling that we’re likely to see a change in momentum from bearish to bullish.
RSI (34) is holding well above our ascending support.