Bitcoin continues to test our descending resistance, remain bearish


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 Lehman Brothers bankruptcy, along with stock trading mobile app provider “Robinhood” jumping on the crypto-trading bandwagon – announcing it plans to roll out bitcoin and ether trading services next month.

Reason for the trading strategy (technically):

The price has made a pullback to our long-term descending resistance line and also major resistance at 11786 (Fibonacci retracement, horizontal overlap resistance). We remain bearish as a strong reaction could occur at this level to push the price down to at least 9328 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

Sell below 11786. Stop loss at 13109. Take profit at 9328.


The material has been provided by InstaForex Company –


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