empty
 
 
19.06.2018 06:24 AM
BTC/USD Approaching Resistance, Prepare For A Drop!

Reason for the trading strategy (fundamentally):

Bitcoin spiked suddenly Monday afternoon following news users of the "Cash" mobile payments app could trade the cryptocurrency in New York. The largest cryptocurrency by market capitalization gained more than 4.5 percent to $6,793, its highest since Tuesday, according to CoinDesk's bitcoin price index. Bitcoin was trading near $6,694 as of 3:56 p.m. ET. Cash is owned by Square and has 7 million monthly active users, the company said in its first-quarter earnings call. On Monday, New York's Department of Financial Services granted Square a virtual currency license, allowing users of the Cash app in the state to trade bitcoin. Bitcoin trading launched for most Cash users in late January.

Reason for the trading strategy (technically):

BTC/USD is approaching its resistance at 6854 (100% Fibonacci extension, 38.2% & 78.6% Fibonacci retracement, horizontal swing high resistance) where we look to sell on strength with an anticipation of a move down to its support at 6571 (61.8% Fibonacci extension, horizontal overlap support).

Stochastic (34, 5, 3) is approaching its resistance at 89% where a corresponding reversal is expected.

Sell below 6854. Stop loss at 6972. Take profit at 6571.

This image is no longer relevant

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback