MEX_Exchange
Panjang

BTCUSD look to buy on dips for a push up

BITSTAMP:BTCUSD   Bitcoin / Dolar
Buy above 17541. Stop loss at 16450. Take profit at 20300.
Reason for the trading strategy (technically):
Bitcoin             has risen further and is starting to see an intermediate reversal. We expect a drop towards the 17000-18000 area as we look to buy above 17541 (Multiple Fibonacci retracement , horizontal pullback support, support area ) for a bounce and a 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 seeing major support above 20% where we can expect a bounce from.

Reason for the trading strategy (fundamentally):

Bitcoin             continues its strong rise and the latest fundamentals surrounding it is Saxo Bank’s forecast that it will continue to rise during most of 2018 with a target of even $60,000 before a potential collapse. However, the news that the potential of Bitcoin             is at $60,000 will drive more speculators to look for good entry prices on this. Hence for today and the coming days, we’ll maintain a bullish bias and look for buying entries at dips.

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Excellent opinion and analysis! Thank you.
Balas
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