Buy above 10356. Stop loss at 9092. Take profit at 12976.
Reason for the trading strategy (fundamentally):
Cryptocurrency has risen recently but recent news has poured some cold water on its recovery, especially White House cybersecurity coordinator and special assistant to the present, Rob Royce, saying that legislation around cryptocurrencies is unlikely to materialize anytime soon and that their more immediate concern was with the criminal usage of bitcoin. He emphasized that he considered the irreversibility of bitcoin transactions to be troubling. This has indeed served as a reminder to the community at large that these remain the key issues to solve before bitcoin can see any further major recovery.
Reason for the trading strategy (technically):
Bitcoin has rose nicely and has reached our profit target. We can see that an ascending support line is giving it intermediate bullish support and we intend to ride this support up further. We look to buy above 10356 support (horizontal overlap support, ascending support) for a further rise to 12976 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) sees an overlap support at 53%which continues to hold our bullish bias.
Reason for the trading strategy (fundamentally):
Cryptocurrency has risen recently but recent news has poured some cold water on its recovery, especially White House cybersecurity coordinator and special assistant to the present, Rob Royce, saying that legislation around cryptocurrencies is unlikely to materialize anytime soon and that their more immediate concern was with the criminal usage of bitcoin. He emphasized that he considered the irreversibility of bitcoin transactions to be troubling. This has indeed served as a reminder to the community at large that these remain the key issues to solve before bitcoin can see any further major recovery.
Reason for the trading strategy (technically):
Bitcoin has rose nicely and has reached our profit target. We can see that an ascending support line is giving it intermediate bullish support and we intend to ride this support up further. We look to buy above 10356 support (horizontal overlap support, ascending support) for a further rise to 12976 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) sees an overlap support at 53%which continues to hold our bullish bias.