Buy above 11704. Stop loss at 10972. Take profit at 13030.
Reason for the trading strategy (fundamentally):
There has not been any significant news in the bitcoin industry recently which has led to prices stagnating. The biggest drivers, if any, have been largely negative as cryptocurrency exchange Coinbase has been hit by a class action lawsuit over alleged insider trading during its launch of bitcoin cash . Such market manipulation is strongly frowned upon and always affects the confidence of investors in a particular asset. In this case, no result of the investigation conducted by Coinbase has been revealed to assure investors too.
Reason for the trading strategy (technically):
Price has hovered below our buy entry yesterday and is unable to break above it. We are still seeing major resistance at 11704 ( , horizontal swing high resistance) which needs to be broken before it opens a bigger move up to 13030 resistance ( , horizontal overlap resistance). It’s nice to see that price has broken our long term descending resistance-turned-support line signalling that we’re likely to see a change in momentum from to .
(34) is holding well above our ascending support.
The signal scenario has changed.
Next, I will wait for a better price of about 9 000 or 8 000 and buy again, to about 12 000, there I will again get a good profit!
But still I think from 6 000 I will buy up to 16 000.
In general, there will already need to look at the situation, what to do better, because everything changes at the market every minute, just the signal itself and the forecast, too, change with every hour!
At 22 000 we will not go soon, will be in place for a long time, and only in the summer after we go down to 2 800 or 3 000, only after that we can go to 22 000)))
All the best!