Reason for the trading strategy (technically):
Price has reversed perfectly as expected dropping to our and bouncing as expected. We remain above major at 17541 (Multiple , horizontal pullback support, ) for a further push up to at least 20300 (Multiple ). First resistance is at 19637 (swing high resistance) to watch out for too.
(34,5,3) is bouncing nicely off our 20% support and has good upside potential.
Reason for the trading strategy (fundamentally):
Bitcoin continues to see strong fundamentals which are in line with the bounce we’re expecting on it today. The latest being Standpoint research forecasting it will trade for $400,000 because of the huge imbalance in – 21 million Bitcoin can ever exist in an ever growing number of people who want to get their hands on it.