MEX_Exchange
Long

Bitcoin has broken major descending resistance, turning bullish

BITFINEX:BTCUSD   Bitcoin / Dollar
Sell below 8321. Stop loss at 9805. Take profit at 5758.
Reason for the trading strategy (fundamentally):
There are mixed vibes going around the cryptocurrency market with JPMorgan reporting that one day cryptocurrencies could help investors diversity their equity and bond portfolios while on the other hand, cryptocurrency continues to be plagued with bad news such as piling lawsuits against BitConnect and the recent malware that has exploited over 4,000 visitors’ computers to mine monero. Along with that, we have 3 European Supervisory Authorities that have released a warning on the risks involved with investing in cryptocurrencies. So generally, there’s an air of uncertainty amidst hopeful optimism that Bitcoin             would finally pose a recovery.
Reason for the trading strategy (technically):
Bitcoin             has started to make a bullish exit from our long term descending resistance-turned-support line signalling that there’s a change in momentum to bullish . We now look to buy above major support at 8301 ( Fibonacci retracement , horizontal overlap support) for a push up to at least 10273 resistance ( Fibonacci retracement , horizontal pullback resistance).
RSI (34) has finally made a bullish exit from our long term descending resistance-turned-support line signalling that there’s a change in momentum to bullish .
Mex. Youre good mate, but I wouldnt be dancing in the market right now. Two conflicting scenarios in play. Chinese new year and Nasdaq volatility. You dont need to be in the game all the time. Look forward to more of your work.
+1 Antworten
Weavs844 takaratengu
@takaratengu, Agree could easily be another fake out like the point at Jan 20th or Jan 28th... Very hard to trust this market right now.
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unfollowed.
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This doesn't make sense compared to what you are saying its going bullish, "Sell below 8321. Stop loss at 9805. Take profit at 5758. "
+4 Antworten
@jimo79, maybe that's why his next sentence is "There are mixed vibes..." haha
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fxrookie jimo79
@jimo79, he omitted to change his previous recommendation of a few days ago in the text, which was to sell. He must have been in rush!
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