Bitcoin profit target reached perfectly, prepare for a drop
Sell below 13995. Stop loss at 14690. Take profit at 12948.
Reason for the trading strategy (fundamentally):
Price has continued to experience bearish pressure especially with a lot of investors’ eyes on the South Korean government plans to close the country’s cryptocurrency exchanges along with the tax authorities investing some of the exchanges in Korea. Some banks, including South Korea’s largest bank, Shinhan Bank, have decided to close down their virtual currency accounts in order to comply with new regulations surrounding their use. This has led to the spooking of many Bitcoin investors.
Reason for the trading strategy (technically):
Price has bounce from our buying entry perfectly and has reached our profit target. We look to sell below 13995 resistance (Fibonacci retracement, horizontal pullback resistance, breakout level) for a push down to at least 12948 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
Stochastic (21,5,3) is seeing major resistance below 92% where we expect a strong reaction from.
Reason for the trading strategy (fundamentally):
Price has continued to experience bearish pressure especially with a lot of investors’ eyes on the South Korean government plans to close the country’s cryptocurrency exchanges along with the tax authorities investing some of the exchanges in Korea. Some banks, including South Korea’s largest bank, Shinhan Bank, have decided to close down their virtual currency accounts in order to comply with new regulations surrounding their use. This has led to the spooking of many Bitcoin investors.
Reason for the trading strategy (technically):
Price has bounce from our buying entry perfectly and has reached our profit target. We look to sell below 13995 resistance (Fibonacci retracement, horizontal pullback resistance, breakout level) for a push down to at least 12948 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
Stochastic (21,5,3) is seeing major resistance below 92% where we expect a strong reaction from.
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