BTC/USD broke out of its ascending channel, remain bearish
May 9, 2018 7:23 am
Reasons for the trading strategy (fundamental):
Former Goldman Sachs President Gary Cohn said Tuesday he thinks the world will have a global cryptocurrency that is not bitcoin. “I’m not a big believer in bitcoin. I am a believer in blockchain technology,” Cohn told CNBC. He expects the digital coin of the future will be simpler than bitcoin. “It will be a more easily understood cryptocurrency,” he said. “It will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created, how it moves and how people can use it.”
Reasons for the trading strategy (technical):
BTC/USD broke out of its ascending channel where it is now testing the support at 9,100 (61.8% Fibonacci retracement, 76.4% Fibonacci retracement, horizontal overlap support). If broken, we expect prices to fall to the next support at 8,644 (38.2% Fibonacci retracement, horizontal swing low support).
RSI (89) has broken out of its support and the ichimoku cloud is showing signs of bearish pressure which contributes to our bearish bias.
Sell below 9,100. Set stop loss at 9,431 and take profit at 8,644.
The material has been provided by InstaForex Company – www.instaforex.com
Reasons for the trading strategy (fundamental):
Former Goldman Sachs President Gary Cohn said Tuesday he thinks the world will have a global cryptocurrency that is not bitcoin. “I’m not a big believer in bitcoin. I am a believer in blockchain technology,” Cohn told CNBC. He expects the digital coin of the future will be simpler than bitcoin. “It will be a more easily understood cryptocurrency,” he said. “It will probably have some blockchain technology behind it, but it will be much more easily understood how it’s created, how it moves and how people can use it.”
Reasons for the trading strategy (technical):
BTC/USD broke out of its ascending channel where it is now testing the support at 9,100 (61.8% Fibonacci retracement, 76.4% Fibonacci retracement, horizontal overlap support). If broken, we expect prices to fall to the next support at 8,644 (38.2% Fibonacci retracement, horizontal swing low support).
RSI (89) has broken out of its support and the ichimoku cloud is showing signs of bearish pressure which contributes to our bearish bias.
Sell below 9,100. Set stop loss at 9,431 and take profit at 8,644.
The material has been provided by InstaForex Company – www.instaforex.com
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