Buy above 15456. Stop loss at 13906. Take profit at 17960.
Reason for the trading strategy (technically):
Price is now back to testing our major support area once again. We remain bullish looking to buy above major support at 15456 (Fibonacci retracement, horizontal overlap support, bullish price action) for a further bounce up to test the 17960resistance again (Fibonacci retracement, horizontal overlap resistance).
Reason for the trading strategy (fundamentally):
We’re starting to see bitcoin take quite a beating recently. This is largely due to the negative news surrounding it, especially those long-unresolved problems with Bitcoin’s infrastructure. Bitcoin buyers are running into problems where the network’s really high transaction fees make it unusable for purchases in reality and Coinbase has halted trading in Bitcoin Cash over concerns that the exchanges’ employees may have engaged in insider trading. All these are seeming to shake up investor’s confidence quite a bit.
Reason for the trading strategy (technically):
Price is now back to testing our major support area once again. We remain bullish looking to buy above major support at 15456 (Fibonacci retracement, horizontal overlap support, bullish price action) for a further bounce up to test the 17960resistance again (Fibonacci retracement, horizontal overlap resistance).
Reason for the trading strategy (fundamentally):
We’re starting to see bitcoin take quite a beating recently. This is largely due to the negative news surrounding it, especially those long-unresolved problems with Bitcoin’s infrastructure. Bitcoin buyers are running into problems where the network’s really high transaction fees make it unusable for purchases in reality and Coinbase has halted trading in Bitcoin Cash over concerns that the exchanges’ employees may have engaged in insider trading. All these are seeming to shake up investor’s confidence quite a bit.