FX.co ★ BTC/USD Testing Its Support, Prepare For A Further Rise!

Reason for the trading strategy (fundamentally):"In what is either widely being referred to as a case of communist schizophrenia or a passive nod to the inevitable financial future, the PRC's CCID released its first set of cryptocurrency rankings." Mr. Zhao hoped the CCID effort signals a kind of new opening. "I believe at least it's a sign that the officials are starting to treat crypto projects more like a neutral endeavour towards better technology and innovations, rather than just challenging the power and authority of banks and government," he stressed. We can see that China are becoming more welcome to the idea of blockchain technologies, even ranking BTC quite highly at number 13 out of 28.

Reason for the trading strategy (technically):BTCUSD is testing its support at 8442.0 (horizontal pullback support, 23.6% Fibonacci retracement) and broke out of its short-term descending resistance-turned-support line where we expect to see price bounce off this support and rise to its resistance at 8879.1 (horizontal overlap resistance, 50% Fibonacci retracement).

RSI (55) is also seeing a bullish exit, in line with our bullish bias.

Buy above 8442.0. Stop loss at 8161.6 Take profit at 8879.1.