Bitcoin continues to test our descending resistance, remain bearish

[ad_1]

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.

analytics5a6a9274bf253.png

The material has been provided by InstaForex Company – www.instaforex.com

[ad_2]

Source link

قالب وردپرس



We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.



Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at agfab2013@gmail.com


Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535


Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply