FX.co ★ BTC/USD Testing Its Support, Prepare For a Bounce!

Reason for the trading strategy (fundamentally):

A gala held by Tipping Point, a non-profit organization that seeks to invest in efforts aimed at breaking the poverty cycle in the San Francisco Bay Area, has raised more than $14 million USD. The gala comprises the time that Tipping Point has accepted cryptocurrency donations, with the event being attended by the respective chief executive officers of Coinbase, Ripple Labs, and Pantera Capital Management. As such, the event saw attendance from many leading figures from the cryptocurrency sector. It's a productive and worthwhile application from a nonprofit that's driven by some of the most innovative minds in San Francisco," said Dan Morehead, the CEO, and founder of Pantera Capital Management. "I think a lot more charities will be accepting crypto in the future," said Brian Armstrong, the CEO, and co-founder of Coinbase. More and more companies and organizations are accepting cryptocurrencies as a medium of exchange which increases the value of it exponentially.

Reason for the trading strategy (technically):

BTC/USD is testing its support at 8898 (100% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing low support) where we expect prices to rise to its resistance at 9740 (76.4% Fibonacci retracement). We do have to be cautious of the intermediate resistance at 9458 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance).

Stochastic (21, 5, 3) is testing its support at 12% where a corresponding reaction is expected.

Buy above 8898. Stop loss at 8352. Take profit at 9740.