Bitcoin continues to test descending resistance, remain bearish

BITFINEX:BTCUSD   Bitcoin / Dollar
Sell below 11786. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
There has been slightly more good news coming in lately which is causing Bitcoin to hold well above the 10,000 mark. Good news revolve around Singapore’s MAS (Monetary Authority of Singapore) believing bitcoin won’t cause a financial meltdown like the 2008 Lehman Brothers bankruptcy, along with stock trading mobile app provider “Robinhood” jumping on the crypto-trading bandwagon – announcing it plans to roll out bitcoin and ether trading services next month.
Reason for the trading strategy (technically):
Price has made a pullback to our long term descending resistance line and also major resistance at 11786 ( Fibonacci retracement , horizontal overlap resistance). We remain bearish as a strong reaction could occur at this level to push price down to at least 9328 support ( Fibonacci extension , horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

The bears had alot of luck recently from the Korean Government and recently Japan's Coincheck. Will it run dry? If they want to buy at 8k they'd need another miracle.. like China entering Bitfinex HQ in Hong Kong.
+2 Antworten
great job,do you think eth break down or up at the short term ?
+1 Antworten
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