BTCUSD failed to break major support, look to sell on strength
Sell below 17463. Stop loss at 18212. Take profit at 15965.
Reason for the trading strategy (technically):
Bitcoin failed to break below our major support and is starting to rebound, making a bullish exit of a recent triangle formation. This leads us to expect price to rise to at least 17463 which is our major selling area (Fibonacci extension, horizontal swing high resistance) before dropping down once again to 15965 support (Fibonacci retracement, horizontal overlap support).
Reason for the trading strategy (fundamentally):
The South Korean government plans on holding an emergency meeting to evaluate the state of the local cryptocurrency market and trading of digital currencies today. There are plans to introduce various regulatory measures on Friday, December 15. This is largely due to many cryptocurrency-related Ponzi schemes in the local market and many scams going around. So expect slower movements on Bitcoin today.
Reason for the trading strategy (technically):
Bitcoin failed to break below our major support and is starting to rebound, making a bullish exit of a recent triangle formation. This leads us to expect price to rise to at least 17463 which is our major selling area (Fibonacci extension, horizontal swing high resistance) before dropping down once again to 15965 support (Fibonacci retracement, horizontal overlap support).
Reason for the trading strategy (fundamentally):
The South Korean government plans on holding an emergency meeting to evaluate the state of the local cryptocurrency market and trading of digital currencies today. There are plans to introduce various regulatory measures on Friday, December 15. This is largely due to many cryptocurrency-related Ponzi schemes in the local market and many scams going around. So expect slower movements on Bitcoin today.