Trading plan for Bitcoin for December 17, 2019

Technical outlook:

Bitcoin seems to have completed its corrective drop that began from $7,870 levels on November 29, 2019. Bitcoin prices have drifted sideways since then and hence the above correction took longer time than expected. However, corrective waves are sometimes tricky and require more patience. Please note that prices have found support at multiple levels viz: Channel Support, Fibonacci 0.786 retracement of the previous rally between $6,525 and $7,870 respectively and the fibonacci 0.382 extension of the corrective wave as highlighted above. Ideally, a bullish move should be expected from around the current lows formed at $6,780, and Bitcoin is likely to move swiftly above $7,200 and $7,600 levels, taking out immediate resistance. Major support remains intact at $6,525 for now and bulls would stay in control as long as Bitcoin trades higher. The upside target remain at least above $13,800 levels for this swing highs, so stay on the long side.

Trading plan:

Remain long against $6,500, a target is above $13,800

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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