MEX_Exchange
Panjang

Bitcoin bouncing nicely, remain bullish

BITSTAMP:BTCUSD   Bitcoin / Dolar
Buy above 17541. Stop loss at 16450. Take profit at 20300.
Reason for the trading strategy (technically):
Price has reversed perfectly as expected dropping to our support area and bouncing as expected. We remain bullish above major support area at 17541 (Multiple Fibonacci retracement , horizontal pullback support, support area ) for a further push up to at least 20300 (Multiple Fibonacci extension ). First resistance is at 19637 (swing high resistance) to watch out for too.
Stochastic (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 bullish 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 supply and demand – 21 million Bitcoin             can ever exist in an ever growing number of people who want to get their hands on it.
This is BS, my friend.

When it goes above 20k, you only take profit when it reaches at least 25k, if not 30k. Take profit @ 20.3k?

The problem with this analysis is that fibo levels are not measured with that much accuracy. & On different exchanges the prices vary. May as well be 20k.
Balas
Im on long too.. this is my setup.

Balas
nice.. what do u think about this setup
Balas
Very convincing chart with good analyses. Thank you.
How long may the price hang on to 18000-18700, before you start worrying about the bullish pattern?
Price is now more or less the same for 30 hours. Another 2 days wouldn't be a strong sign for a bullish movement, would it?
Balas
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