Bitcoin has started to bounce up nicely

11 January, 2018

Reason for the trading strategy (fundamentally): We’re seeing a slight recovery on Bitcoin largely because of a few good news surrounding it. Firstly a report by Goldman Sachs highlights how bitcoin could serve as alternative forms of money in troubled economies, especially where traditional services of money are inadequately supplied. Along with that, Bitmain, the China-based bitcoin mining giant, has set up a new subsidiary in Switzerland after China’s move to quash the mining ecosystem. This has provided hope to many Bitcoin investors that most of these bitcoin mining companies would simply relocate to Switzerland.

Reason for the trading strategy (technically): Price has finally managed to break out of our strong descending resistance line triggering a bullish move from here. We remain bullish above 14332 support (Fibonacci retracement, horizontal overlap support) and expect price to rise  up further to 15662 resistance (Fibonacci retracement, horizontal overlap resistance). Our next most intermediate level of resistance is at 14980 (swing high resistance, Fibonacci retracement) and only if price surpasses this level would it add further conviction to our bullish move.

RSI (34) sees a recent bullish exit of its resistance-turned-support line which is in line with what we have seen in price. Buy above 14332. Stop loss at 13581. Take profit at 15662.


Source link   Presented by Exness

Bitcoin Will Breakout in 2019

Despite recently retracting his bullish claims that Bitcoin will surpass $10,000 by year's end, Mike Novogratz still expressed that institutions...

Cardano Surging Towards $0.090

ADA price formed a decent support near the $0.0700 level and rallied recently against the US Dollar (tethered). There was a break

Bitcoin Surges to $7500 on Bitfinex

The price of Bitcoin has surged from $6,300 to $7,500 on Bitfinex, a major cryptocurrency exchange that reportedly operates Tether LLC, a firm that...


Ethereum Upsides Capped Near $198

ETH price declined further and traded towards the $180 level against the US Dollar. There was a break below a key contracting triangle with support at $194...

Bitcoin Dips to $6250: Factors and Trends

Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) have declined by 12 to 13 percent over the past 24 hours, as Bitcoin recorded a sudden

Bitcoin Price Breaks Out of $6550

Bitcoin, the most dominant cryptocurrency in the global market, has seen an abrupt increase in its volume from $2 billion to $2.53 billion on CoinCap.io...


Bitcoin Price Close to Bottom

The cryptocurrency market capitalization has dropped by $575 billion since its all-time high, and the bitcoin price has dropped by two-thirds since it peaked...

Tether Price Falls on Crypto Exchanges

Technical analyst and crypto trader Aurelius revealed that the price of Tether (USDT), the most widely utilized stablecoin in the cryptocurrency...

Bitcoin shows low volume, ripple drops

Since late September, the low volume of Bitcoin has been an issue for the cryptocurrency exchange market. Although BTC was expected to break...

  


Share: