Reasons of Placing the Trade: Strong Demand Level Oversold RSI with divergence Slight Volume Increase Multiple attempts at the demand level
Setup: Stop Loss: 30000 pips or 300.0$ per unit @9,200.00 Take Profit 1: 140000 pips or 1400.0$ per unit @11,000.00 Take Profit 2: 250000 pips or 2500.0$ per unit @12,000.0 Reward: 4:1 and 8:1
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2:1 reward reached :)
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4:1 reward reached
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Pullback after the first target nearly reached (supply zone)
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Target 1 reached (4:1 reward)
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Rejection at target 2, bearish pressure
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2 Billion dollars worth of bitcoin lost in Mt Gox hack plumbed the trading volume to 83.3% less. Bitcoin follows a triangle scheme with a strong support, with upside opportunities when the stolen units will be recovered as claimed.
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The average daily traded volume is back to normal, illustrated by aggressive sellers pushing prices lower due to the recent 2 Billion dollars worth of Bitcoin loss. The Support level has been a magnet for a while, and presents an excellent opportunity to buy, aiming 10 - 11 and 13k$ per coin levels.
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Investment Opportunity of Bitcoin - Bearish Pressure will pull back prices around 7000.0 (-30% from now) and then by 2023 the cryptocurrency will reach 100000.0 (+1000%)!