MEX_Exchange
Short

Bitcoin profit target reached perfectly, prepare for a drop

BITSTAMP:BTCUSD   Bitcoin / Dollar
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.
it will bounce back now? can i buy now?
Antworten
Boy, you sure were extremely, extremely right amidst the stampede of bulls, I was bullish for a breakout til this happened, now I'm thinking a test of somewhere around 11k is next
+1 Antworten
What a shot! great job
+1 Antworten
Great
Antworten
Why short such a little range?it costs me money and time
Antworten
Brian_Jeon VikingPirate
@VikingPirate, margin trading dude.
+1 Antworten
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