☆ Daily Technical Analysis by MEX Exchange ☆

MEX_Exchange · January 2, 2018, 1:34am

Date: January 2, 2018

AUDUSD testing strong resistance, sell one last time

Sell below 0.7824. Stop loss at 0.7902. Take profit at 0.7696.
Reason for the trading strategy (technically):
Price is now testing strong resistance at 0.7824 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and a strong drop could occur at this level to push price down to at least 0.7696 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is seeing major resistance at 98% where a corresponding drop could occur from and also sees bearish divergence vs price signalling that a reversal is impending.

AUDJPY testing major resistance, time to go short

Sell below 88.09. Stop loss at 88.71. Take profit at 86.69.
Reason for the trading strategy (technically):
Price is testing major resistance at 88.09 (Fibonacci retracement, horizontal swing high resistance) and we expect a strong drop from this level towards 86.69 support (Fibonacci retracement, horizontal support).
Stochastic (55,3,1) is seeing major resistance at 99% and is starting to drop nicely signalling a further drop could be expected.

GBPUSD profit target hit perfectly, now prepare to sell

Sell below 1.3548. Stop loss at 1.3630. Take profit at 1.3316.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target. We now look to sell below major resistance at 1.3548 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) for a push down to at least 1.3316 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,3,1) is seeing major resistance at 98% and we expect a corresponding drop from here.

EURUSD forming a major reversal

Sell below 1.2023. Stop loss at 1.2100. Take profit at 1.1886.
Reason for the trading strategy (technically):
Price is seeing major resistance at 1.2023 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance, bearish butterfly harmonic formation) and we expect a strong drop from this level towards 1.1886 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,3,1) is seeing major resistance below 98% and we expect a corresponding drop from here.

MEX_Exchange · January 3, 2018, 1:28am

Date: January 3, 2018

USDJPY profit target reached, time to start buying

Buy above 112.13. Stop loss at 111.34. Take profit at 113.76.
Reason for the trading strategy (technically):
Price has shot down and reached our profit target perfectly. We look to buy above major support at 112.13 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) for a push up to at least 113.76 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
Stochastic (34,5,3,) is seeing major support above 3.7% where we expect a corresponding bounce from.

AUDJPY continues to test resistance, remain bearish

Sell below 88.09. Stop loss at 88.71. Take profit at 86.69.
Reason for the trading strategy (technically):
Price has reached our selling area and continues to test major resistance at 88.09 (Fibonacci retracement, horizontal swing high resistance). We expect a strong drop from this level towards 86.69 support (Fibonacci retracement, horizontal support).
Stochastic (55,3,1) is seeing major resistance at 99% and is starting to drop nicely signalling a further drop could be expected.

Bitcoin forming a strong reversal, time to short!

Sell below 15016. Stop loss at 15791. Take profit at 12908.
Reason for the trading strategy (technically):
Price is seeing major resistance at 15016 (Fibonacci retracement, Fibonacci extension, bearish bat formation, horizontal swing high resistance) and we expect to see a strong drop from here to at least 12908 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 90% where we expect a corresponding drop from.

NZDUSD in an ascending channel, look for dips

Buy above 0.7035. Stop loss at 0.6946. Take profit at 0.7196.
Reason for the trading strategy (technically):
Price is in an ascending channel and we look to buy on dips above 0.7035 support (Fibonacci retracement, horizontal pullback support, bullish channel) for a push up to at least 0.7197 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees multiple ascending support lines holding our recent push up on price.

MEX_Exchange · January 4, 2018, 2:04am

Date: January 4, 2018

AUDJPY testing major resistance, remain bearish

Sell below 88.09. Stop loss at 88.71. Take profit at 86.69.
Reason for the trading strategy (technically):
Price continues to test our major resistance area at 88.09 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance) and we remain bearish looking for a drop towards 86.69 support (Fibonacci retracement, horizontal support).
Stochastic (55,3,1) is seeing major resistance at 99% and is starting to drop nicely.

USDJPY forming a nice reversal signal, time to start selling

Sell below 112.79. Stop loss at 113.02. Take profit at 112.40.
Reason for the trading strategy (technically):
Price is forming a nice reversal with a bearish bat formation occurring below major resistance at 112.79 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) and we expect a strong drop below this level to push price down to at least 112.40 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance below 93% where we expect a corresponding drop.

Bitcoin continues to test major resistance, remain bearish

Sell below 15016. Stop loss at 15791. Take profit at 12908.
Reason for the trading strategy (technically):
Price continues to test our major resistance area at 15016 (Fibonacci retracement, Fibonacci extension, bearish bat harmonic formation) and we expect a drop from this level to at least 12908 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is starting to drop nicely from our 94% resistance level and we expect it to drop further with price here.

NZDUSD testing channel support, remain bullish

Buy above 0.7041. Stop loss at 0.6946. Take profit at 0.7197.
Reason for the trading strategy (technically):
Price is testing channel support and it might make a fake bearish breakout because we see major support at 0.7041 (Fibonacci retracement, Fibonacci extension, horizontal pullback support). We remain bullish above this level for a push up to at least 0.7197 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees multiple ascending support lines holding current price action up. Only a break of these liens would trigger a bearish move.

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MEX_Exchange · January 8, 2018, 2:04am

Date: January 8, 2018

AUDUSD forming a nice reversal at key resistance, time to go short

Sell below 0.7885. Stop loss at 0.7978. Take profit at 0.7696
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.7885 (61.8% Fibonacci retracement, horizontal swing high resistance, bearish divergence) and we expect to see a strong reaction off this level to push price down to at least 0.7696 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is also testing major resistance at 98% and we can see bearish divergence vs price signalling that a reversal is impending.

NZDUSD approaching major resistance, prepare to sell

Sell below 0.7188. Stop loss at 0.7280. Take profit at 0.7041.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7188 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and a strong reaction could occur at this level to push price down to at least 0.7041 support (Fibonacci retracement, horizontal pullback support). However, we are also in a bullish ascending channel and only a break of this channel would confirm further downside move.
Stochastic (34,5,3) is seeing major resistance at 94% and also displays bearish divergence vs price signalling that a reversal is impending.

CADCHF forming a major reversal signal, time to sell

Sell below 0.7879. Stop loss at 0.7965. Take profit at 0.7732.
Reason for the trading strategy (technically):
Price has formed a bearish bat formation and also sees strong resistance at 0.7879 (Fibonacci retracement, horizontal swing high resistance, bearish divergence) and we expect to see a strong reaction off this level to push price down to at least 0.7732 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 97% and also bearish divergence vs price signalling that a reversal is impending.

Bitcoin almost breaking out, prepare to short

Sell below 15496. Stop loss at 16615. Take profit at 14126.
Reason for the trading strategy (technically):
Price is seeing major support from our ascending support line and also at 15496 (Fibonacci retracement, horizontal pullback support). We will only sell on the break of this major support which would trigger a push down to 14126 support (Fibonacci retracement, horizontal overlap support).
RSI (55) has made a bearish exit of our long term ascending support-turned-resistance level and is a presignal that a strong drop could be occurring soon.

MEX_Exchange · January 9, 2018, 2:01am

Date: January 9, 2018

AUDUSD reversing nicely from resistance, remain bearish

Sell below 0.7885. Stop loss at 0.7978. Take profit at 0.7696
Reason for the trading strategy (technically):
Price is starting to reverse nicely below our major resistance at 0.7885 (61.8% Fibonacci retracement, horizontal swing high resistance, bearish divergence) and we expect to see a strong reaction off this level to push price down to at least 0.7696 support (Fibonacci retracement, horizontal pullback support). It’s important to watch out for our ascending support line as only breaking this line would trigger a strong drop.
Stochastic (34,3,1) is also testing major resistance at 98% and we can see bearish divergence vs price signalling that a reversal is impending. Recent bearish exit of our ascending support-turned-resistance line is a precursor that price is going to do the same.

NZDUSD testing major resistance, remain bearish

Sell below 0.7188. Stop loss at 0.7280. Take profit at 0.7041.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7188 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and a strong reaction could occur at this level to push price down to at least 0.7041 support (Fibonacci retracement, horizontal pullback support). However, we are also in a bullish ascending channel and only a break of this channel would confirm further downside move.
Stochastic (34,5,3) is seeing major resistance at 94% and also displays bearish divergence vs price signalling that a reversal is impending.

AUDJPY setting up for a strong reversal, prepare to sell on break of support

Sell below 88.46. Stop loss at 89.21. Take profit at 86.69.
Reason for the trading strategy (technically):
Price is starting to reverse below strong resistance at 89.21 (Fibonacci retracement, horizontal swing high resistance, bearish divergence) and we need to wait for a confirmation to go short on this trade. Price would need to break our ascending support line and also support at 88.46 (Fibonacci retracement, horizontal overlap support) to trigger a bearish move from here towards 86.69 support (Fibonacci retracement, horizontal support).
RSI (34) sees major bearish divergence vs price signalling that a reversal is impending. We can also see a bearish exit as a precursor that a reversal on price is impending.

Bitcoin dropped perfectly to our profit target, prepare for a bounce

Buy above 14126. Stop loss at 13249. Take profit at 15810.
Reason for the trading strategy (fundamentally):
Recent fears of a China crackdown on bitcoin mining have caused bitcoin to drop really strongly. This was further confirmed when Chiense bitcoin mining pool ViaBTC announced that it will close its marketplace for mining contracts this week on January 10. The reason they cited is the company wants to “control speculation and protect the interest of our investors.” With more such news announcements expected over the next few days, we can expect further bearish movements on Bitcoin. This is in line with the limited upside potential we see for the recovery we expect today.
Reason for the trading strategy (technically):
Price has dropped strongly after breaking our ascending support line and has reached our profit target perfectly. We prepare to buy on dips above 14126 support (Fibonacci retracement, horizontal overlap support) for a bounce up to at least 15810 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).
Stochastic (34,5,3) is seeing a nice bounce above 7.4% and a recent bearish exit signals that a recovery is expected on price too.

MEX_Exchange · January 10, 2018, 1:56am

Date: January 10, 2018

AUDUSD has broken key support, time to sell

Sell below 0.7885. Stop loss at 0.7978. Take profit at 0.7696
Reason for the trading strategy (technically):
Price has finally broken our ascending support line triggering a strong bearish drop as expected from here. We look to sell on strength below major resistance at 0.7885 (61.8% Fibonacci retracement, horizontal swing high resistance, bearish divergence) for a drop to at least 0.7696 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is also testing major resistance at 98% and we can see bearish divergence vs price signalling that a reversal is impending. The recent bearish exit has forecasted well the drop we expected on it. We still have some downside potential for our drop.

NZDUSD starting to drop, now testing major support

Sell below 0.7188. Stop loss at 0.7280. Take profit at 0.7041.
Reason for the trading strategy (technically):
Price is starting to drop nicely below our major resistance at 0.7188 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect price to push down to at least 0.7041 support (Fibonacci retracement, horizontal pullback support). However, we are also in a bullish ascending channel and are testing the main channel support. Only a break of this channel would confirm further downside move.
RSI (34) is testing major ascending support and is starting to break below it. Only a clear break of our ascending support would trigger a strong bearish drop on price.

AUDJPY has broken our support perfectly triggering a bearish move

Sell below 88.46. Stop loss at 89.21. Take profit at 86.69.
Reason for the trading strategy (technically):
Price has finally broken our ascending support and overlap support at 88.46 to trigger a strong bearish move. We look to remain bearish and sell on strength below 88.46 (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 86.69 support (Fibonacci retracement, horizontal support). Our next intermediate support level to watch out for is 87.62.
RSI (34) is now in a bearish descending channel and we expect this to continue till it finds new support.

Bitcoin profit target reached perfectly, prepare for another bounce

Buy above 14126. Stop loss at 13247. Take profit at 15391.
Reason for the trading strategy (fundamentally):
Bitcoin has been dropping strongly largely due to an SEC pushback that has led to several ETF proposals being withdrawn. There were several firms which were looking to list ETFs tied to bitcoin but the SEC “expressed concerns regarding the liquidity and valuation of the underlying instruments”. This has shaken the confidence of bitcoin investors which has led to the recent decline.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly below dropping down once again as expected. We look to buy above major support at 14126 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a bounce up to at least 15391 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (34) sees strong bullish divergence vs price and is a good signal that we’ll be seeing a strong bounce from here.

MEX_Exchange · January 11, 2018, 2:16am

Date: January 11, 2018

USDJPY on major support, prepare for a bounce

Buy above 111.37. Stop loss at 110.80. Take profit at 112.13.
Reason for the trading strategy (technically):
Price has dropped strongly and is now testing major support at 111.37 (Fibonacci extension, horizontal swing low support, bullish bat harmonic formation) and we expect to see a strong bounce above this level to push price up to at least 112.13 resistance (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension).
Stochastic (55,5,3) is seeing major support above 7.7% where we expect a corresponding bounce from.

NZDUSD continues to form a reversal signal, remain bearish

Sell below 0.7188. Stop loss at 0.7280. Take profit at 0.7041.
Reason for the trading strategy (technically):
Price continues to hover around our selling area and is forming a nice reversal signal with a strong shooting star candlestick formation signalling selling pressure. We are still unable to break through our ascending channel which would be the major trigger for our bearish move. For now, we remain bearish below major resistance at 0.7188 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect price to push down to at least 0.7041 support (Fibonacci retracement, horizontal pullback support). Only a break of this channel would confirm further downside move.
RSI (34) is testing major ascending support and is starting to break below it. Only a clear break of our ascending support would trigger a strong bearish drop on price.

AUDJPY dropping perfectly as expected, remain bearish looking to sell on strength

Sell below 87.89. Stop loss at 88.47. Take profit at 86.69.
Reason for the trading strategy (technically):
Price has continued to drop strongly as expected after breaking our major ascending support line. We remain bearish looking to sell below 87.89 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave structure) for a further drop to at least 86.69 support (Fibonacci retracement, Fibonacci extension, horizontal support).
RSI (34) remains in a descending channel and is approaching pullback resistance.

Bitcoin has started to bounce up nicely, remain bullish

Buy above 14332. Stop loss at 13581. Take profit at 15662.
Reason for the trading strategy (fundamentally):
We’re seeing a slight recovery on Bitcoin largely because of a few good news surrounding it. Firstly a report by Goldman Sachs highlights how bitcoin could serve as alternative forms of money in troubled economies, especially where traditional services of money are inadequately supplied. Along with that, Bitmain, the China-based bitcoin mining giant, has set up a new subsidiary in Switzerland after China’s move to quash the mining ecosystem. This has provided hope to many Bitcoin investors that most of these bitcoin mining companies would simply relocate to Switzerland.
Reason for the trading strategy (technically):
Price has finally managed to break out of our strong descending resistance line triggering a bullish move from here. We remain bullish above 14332 support (Fibonacci retracement, horizontal overlap support) and expect price to rise up further to 15662 resistance (Fibonacci retracement, horizontal overlap resistance). Our next most intermediate level of resistance is at 14980 (swing high resistance, Fibonacci retracement) and only if price surpasses this level would it add further conviction to our bullish move.
RSI (34) sees a recent bullish exit of its resistance-turned-support line which is in line with what we have seen in price.

MEX_Exchange · January 12, 2018, 1:58am

Date: January 12, 2018

EURJPY approaching major resistance, prepare to sell

Sell below 134.53. Stop loss at 135.19. Take profit at 133.65.
Reason for the trading strategy (technically):
Price is approaching major resistance at 134.53 (Fibonacci extension, horizontal overlap resistance, Elliott wave structure) and we expect a strong reaction at this level to push price down towards 133.65 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is approaching major resistance at 95% where a corresponding reaction could occur.

EURUSD testing strong resistance, prepare for a drop

Sell below 1.2057. Stop loss at 1.2096. Take profit at 1.1982.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2057 (Fibonacci retracement, horizontal overlap resistance, bearish butterfly harmonic formation) and we expect to see a reaction off this level to push price down towards 1.2018 before 1.1982 (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.

USDCHF testing major resistance in a descending channel, remain bearish

Sell below 0.9762. Stop loss at 0.9787. Take profit at 0.9708.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.9762 (Fibonacci retracement, horizontal overlap resistance, descending channel momentum) and we expect further bearish action from here to push price down towards 0.9708 support (Fibonacci extension, horizontal swing low support)
RSI (34) sees a descending resistance line provide bearish momentum in pushing price down.

Bitcoin on major support, time to play an intermediate bounce

Buy above 12948. Stop loss at 11965. Take profit at 14250.
Reason for the trading strategy (fundamentally):
Investors are getting spooked especially with news that South Korea might potentially ban the trading of cryptocurrencies via exchanges in the nation. This is largely due to the Korean government mulling its options for curbing what is seen as excessive speculation in the crypto markets. They have even raided bitcoin exchanges such as Bithumb and Coinone with police and tax office officials recently amid investigations into tax evasion. All this has led to the shaking of investor’s confidence and hence the price decline.
Reason for the trading strategy (technically):
Price has continued to drop strongly and is now testing major support at 12948 (Fibonacci extension, horizontal swing low support) and a bounce could occur at this level to pose a temporary recovery to at least 14250 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support at 9.7% where a corresponding bounce could occur.

MEX_Exchange · January 15, 2018, 2:24am

Date: January 15, 2018

USDJPY major support broken, time to sell

Sell below 111.02. Stop loss at 111.97. Take profit at 109.49.
Reason for the trading strategy (technically):
Price has closed below major support at 111.02 (Fibonacci retracement, horizontal overlap support) and this has triggered a bearish exit. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.

AUDJPY forming a nice reversal pattern, remain bearish

Sell below 87.89. Stop loss at 88.47. Take profit at 86.69.
Reason for the trading strategy (technically):
Price is forming a nice reversal below 87.89 resistance (Fibonacci retracement, Elliott wave structure, triangle formation) and we expect to see a nice break out from here to push price down towards 86.69 support (Fibonacci retracement, horizontal overlap support).
RSI (34) is right on pullback resistance where we expect a corresponding drop.

USDCHF profit target reached perfectly, prepare for a bounce

Buy above 0.9673. Stop loss at 0.9634. Take profit at 0.9735.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly and reached our profit target. We look to buy above 0.9673 support (100% Fibonacci extension, 61.8% Fibonacci extension, horizontal swing low support) for an intermediate corrective bounce to at least 0.9735 resistance (Fibonacci retracement, horizontal breakout level).
Stochastic (34,5,3) is seeing major support above 4.4% where a corresponding bounce is expected.

Bitcoin profit target reached perfectly, prepare for a drop

Sell below 13995. Stop loss at 14690. Take profit at 12948.
Reason for the trading strategy (fundamentally):
Price has continued to experience bearish pressure especially with a lot of investors’ eyes on the South Korean government plans to close the country’s cryptocurrency exchanges along with the tax authorities investing some of the exchanges in Korea. Some banks, including South Korea’s largest bank, Shinhan Bank, have decided to close down their virtual currency accounts in order to comply with new regulations surrounding their use. This has led to the spooking of many Bitcoin investors.
Reason for the trading strategy (technically):
Price has bounce from our buying entry perfectly and has reached our profit target. We look to sell below 13995 resistance (Fibonacci retracement, horizontal pullback resistance, breakout level) for a push down to at least 12948 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
Stochastic (21,5,3) is seeing major resistance below 92% where we expect a strong reaction from.

MEX_Exchange · January 16, 2018, 2:13am

Date: January 16, 2018

USDJPY breaking out nicely and back to pullback resistance, remain bearish

Sell below 111.02. Stop loss at 111.97. Take profit at 109.49.
Reason for the trading strategy (technically):
Price has dropped strongly after breaking out of our major support-turned-resistance line at 111.02 (Fibonacci retracement, horizontal overlap support) and has started to make a pullback to our entry area once again. This is a good opportunity to get into the trade once again for those who missed the first breakout. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.

AUDJPY testing resistance, remain bearish

Sell below 88.28. Stop loss at 88.70. Take profit at 87.24.
Reason for the trading strategy (technically):
Price continues to test major resistance at 88.28 (ABC Fibonacci extension, 50% Fibonacci retracement, Elliott wave corrective structure) and we remain bearish below this level for a drop towards 87.24 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.

EURJPY testing major resistance, time to sell

Sell below 135.91. Stop loss at 136.38. Take profit at 134.84.
Reason for the trading strategy (technically):
Price is now testing major resistance at 135.91 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, bearish divergence) and we expect a strong drop from this level towards 134.84 support (Fibonacci retracement) first.
Stochastic (34,5,3) is seeing major resistance below 95% and a bearish divergence vs price also signals that a reversal is impending.

Bitcoin profit target reached perfectly once again, prepare for a bounce

Buy above 12858. Stop loss at 12348. Take profit at 13748.
Reason for the trading strategy (fundamentally):
Price has continued to tumble with South Korean cryptocurrency investors facing fines if they have anonymous accounts, along with that, the justice minister aired a plan to ban trading at cryptocurrency exchanges. To add fuel to fire, the Indonesia Central Bank has also warned that cryptocurrencies may not be used for payments in the country. These influx of bad news surrounding bitcoin has caused it to fall even further.
Reason for the trading strategy (technically):
Price has reached our selling area and dropped down perfectly to our profit target. We look to play another bounce above 12858 support (ABC Fibonacci extension, horizontal swing low support) towards our resistance target at 13748 (Fibonacci retracement, breakout level).
Stochastic (34,5,3) is seeing major support above 10% where a corresponding bounce could occur.

MEX_Exchange · January 17, 2018, 4:23am

Date: January 17, 2018

USDJPY dropping from our pullback perfectly as expected, remain bearish

Sell below 111.02. Stop loss at 111.97. Take profit at 109.49.
Reason for the trading strategy (technically):
Price made a pullback to our major support-turned-resistance line at 111.02 (Fibonacci retracement, horizontal overlap support) as expected and dropped strongly once again in line with the bearish view we have. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.

AUDJPY dropped perfectly, remain bearish for a further drop

Sell below 88.43. Stop loss at 88.70. Take profit at 87.24.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area yesterday before bouncing above our ascending support line. This ascending support line would need to be broken to trigger a strong bearish move down. We still remain bearish looking to sell below major resistance at 88.43 (61.8% Fibonacci retracement, Elliott wave corrective structure) for a drop towards 87.24 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.

EURJPY dropped perfectly, remain bearish for another drop

Sell below 135.91. Stop loss at 136.38. Take profit at 134.84.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area yesterday and has since made an intermediate recovery. We’re back to testing our major resistance again and we look to sell below 135.91 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, bearish divergence) for a strong drop towards 134.84 support (Fibonacci retracement) first.
Stochastic (55,5,3) is seeing major resistance below 95% and a bearish divergence vs price also signals that a reversal is impending.

Bitcoin bouncing off major support, remain bullish for an intermediate correction

Buy above 10332. Stop loss at 7902. Take profit at 12808 and 14497.
Reason for the trading strategy (fundamentally):
Price has dropped strongly amid concerns in Asia as investors still keep an eye out on the crackdown in Korea. Most recently a senior official at the People’s Bank of China is reportedly calling for a wider ban on services related to cryptocurrency trading in the country. The goal is to end all cryptocurrency trading-related activities and services. This has rattled the market strongly leading to its sell off.
Reason for the trading strategy (technically):
Price has dropped strongly since yesterday and we’re seeing that price has bounced off major support at 10332 (ABC Fibonacci extension, long term 50% Fibonacci retracement) and we expect an intermediate corrective bounce from here. Our first target would be 12808 (38.2% Fibonacci retracement, horizontal pullback resistance, breakout level) before 14497 (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 12% where we expect a corresponding bounce from.

MEX_Exchange · January 18, 2018, 2:27am

Date: January 18, 2018

USDJPY testing major resistance, prepare to sell

Sell below 111.42. Stop loss at 111.73. Take profit at 110.61.
Reason for the trading strategy (technically):
Price is testing major resistance at 111.42 (Fibonacci retracement, bearish bar harmonic formation) and we expect to see a strong reaction off this level to push price down towards 110.94 before 110.61 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.

Gold on major support, prepare for a bounce

Buy above 1326. Stop loss at 1321. Take profit at 1332.
Reason for the trading strategy (technically):
Price is testing major support at 1326 (Fibonacci retracement, horizontal overlap support, bullish harmonic formation) and a strong bounce could occur at this level to push price up to at least 1332 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 7.9% where a corresponding bounce could occur.

EURUSD major support broken, prepare for a drop

Sell below 1.2203. Stop loss at 1.2253. Take profit at 1.2089.
Reason for the trading strategy (technically):
Price has broken major support-turned-resistance at 1.2203 (Fibonacci retracement, horizontal pullback resistance) and we expect this to trigger a strong sell off that would push price down to at least 1.2089 support (Fibonacci retracement, horizontal pullback support).
RSI (55) sees a bearish exit of our ascending support-turned-resistance line signalling that we’ll likely be seeing some bearish momentum from here.

Bitcoin bouncing perfectly, look to protect our profits

Buy above 10332. Stop loss at 7902. Take profit at 12808 and 14497.
Reason for the trading strategy (fundamentally):
There is still tremendous doom and gloom about Bitcoin and the only reason we are seeing a correction is because Goldman Sachs analyst Sheba Jafari has published an analysis saying that we expect a possible correction below $10,000. That has fuelled some hope amongst investors and led to the recent intermediate corrective bounce.
Reason for the trading strategy (technically):
Price has bounced perfectly off our buying area and we look to buy on dips above 10294 (Fibonacci retracement, horizontal overlap support) for a further push up to at least 12808 before 14497 resistance (Fibonacci retracement, horizontal pullback resistance and horizontal swing high resistance). We look to move our stop loss to support at 9399 (ABC Fibonacci extension, horizontal swing low support) to protect our profits.
Stochastic (34,5,3) is seeing major support above 12% where we expect further upside movement from.

MEX_Exchange · January 19, 2018, 2:49am

Date: January 19, 2018

AUDJPY testing major resistance, prepare for a drop

Sell below 88.98. Stop loss at 89.22. Take profit at 88.41.
Reason for the trading strategy (technically):
Price is testing major resistance at 88.98 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and we expect to see a strong reaction off this level to push price down towards 88.41 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 96% where further bearish momentum is expected.

USDCHF testing major support, prepare for a bounce

Buy above 0.9569. Stop loss at 0.9501. Take profit at 0.9699.
Reason for the trading strategy (technically):
Price is testing major support at 0.9569 (ABC Fibonacci extension, 76.4% Fibonacci extension, horizontal swing low support) and we expect price to make a nice bounce above this level to push it up to at least 0.9699 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 5.8% where a corresponding bounce is expected.

EURJPY right below major resistance, prepare to sell on the break of support!

Sell below 136.09. Stop loss at 136.38. Take profit at 134.84.
Reason for the trading strategy (technically):
Price is testing major resistance below 136.09 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish divergence) and a drop could soon occur at this level. Our conviction for a drop would be greatly increased once our ascending support line is broken.
Stochastic (34,5,3) sees major resistance below 95% and also strong bearish divergence vs price signals that a reversal is impending.

Bitcoin continues to bounce nicely, remain bullish

Buy above 10332. Stop loss at 7902. Take profit at 12808 and 14497.
Reason for the trading strategy (fundamentally):
There has been little major news announcements that have caused Bitcoin to move significantly recently. There’s still a battle amongst the bears who are riding on the wave of regulatory setbacks Bitcoin is facing and the optimists who are bullish above the psychological $10,000 support. The next few major news announcements will likely have stronger volatile impacts as there is pent up demand and supply all waiting on the sidelines now for the next sign of where Bitcoin is heading.
Reason for the trading strategy (technically):
Price has continued to bounce nicely and we remain bullish looking to buy on dips above 10294 (Fibonacci retracement, horizontal overlap support) for a further push up to at least 12808 before 14497 resistance (Fibonacci retracement, horizontal pullback resistance and horizontal swing high resistance). We look to move our stop loss to support at 9399 (ABC Fibonacci extension, horizontal swing low support) to protect our profits.
Stochastic (34,5,3) is seeing major support above 12% where we expect further upside movement from.

MEX_Exchange · January 22, 2018, 2:30am

Date: January 22, 2018

AUDJPY profit target reached perfectly, prepare for a bounce

Buy above 88.37. Stop loss at 88.11. Take profit at 89.01.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and reached our profit target perfectly. We look to buy above major support at 88.37 (Fibonacci retracement, horizontal overlap support) for a bounce up to at least 89.01 resistance (Fibonacci extension, horizontal swing high resistance) once again.
Stochastic (34,5,3) is seeing support above 4.5% and 10% where we expect a corresponding bounce.

AUDUSD testing major resistance, time to start selling

Sell below 0.8018. Stop loss at 0.8116. Take profit at 0.7817.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.8018 (Fibonacci retracement, Fibonacci extension, bearish divergence) and we expect a drop from this level to push price down to at least 0.7817 support (Fibonacci retracement, horizontal swing low support).
RSI (34) sees ascending support as more intermediate support and only a break of this level would trigger a very bearish move. We can also see bearish divergence vs price signalling that a reversal is impending.

CADJPY testing major support, prepare for a bounce!

Buy above 88.52. Stop loss at 88.24. Take profit at 88.87 and 89.02.
Reason for the trading strategy (technically):
Price is testing major support at 88.52 (Horizontal swing low support, bullish price action, bullish harmonic formation) and we expect to see a nice bounce above this level to push price up to at least 88.87 (Fibonacci retracement, horizontal pullback support) before 89.02 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 1% where we expect a corresponding bounce from.

Bitcoin first profit target reached, prepare to sell now

Sell below 12269. Stop loss at 13162. Take profit at 9519.
Reason for the trading strategy (fundamentally):
The most recent news that has attracted more bearish for Bitcoin is the SEC outlining the reasons for reluctance to list cryptocurrency ETFs, with the reasons revolving largely around “significant investor protection issues that need to be examined before sponsors begin offering these funds to retail investors” and how such innovative products can be redeemed by retail investors on a daily basis (directly questioning the liquidity of cryptos).
Reason for the trading strategy (technically):
Price rose beautifully and reached our first profit target before reversing strongly. Due to the changing elements, we now look to sell below major resistance at 12269 (Fibonacci retracement, horizontal overlap resistance) for a strong push down to at least 9519 support (Fibonacci extension, horizontal swing low support).
Stochastic (89,5,3) sees a recent bearish exit of our ascending support line signalling a change in momentum. It also has some good downside potential for our drop to continue.

MEX_Exchange · January 23, 2018, 4:37am

Date: January 23, 2018

AUDJPY profit target reached once again perfectly, prepare to sell

Sell below 89.18. Stop loss at 89.43. Take profit at 88.68.
Reason for the trading strategy (technically):
Price has bounced perfectly from our buying level and reached our profit target once again. We prepare to sell from 89.18 major resistance (Fibonacci extension, above major swing high resistance) for a reaction off this level to push price down to at least 88.68 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 98% where we expect a strong corresponding reaction from.

AUDUSD continues to test major resistance, remain bearish

Sell below 0.8018. Stop loss at 0.8116. Take profit at 0.7817.
Reason for the trading strategy (technically):
Price continues to test major resistance at 0.8018 (Fibonacci retracement, Fibonacci extension, bearish divergence) and we expect a drop from this level to push price down to at least 0.7817 support (Fibonacci retracement, horizontal swing low support).
RSI (34) sees ascending support as more intermediate support and only a break of this level would trigger a very bearish move. We can also see bearish divergence vs price signalling that a reversal is impending.

CADJPY profit target reached perfectly, prepare to sell

Sell below 89.29. Stop loss at 89.46. Take profit at 88.88.
Reason for the trading strategy (technically):
Price has bounced up perfectly and reached our profit target. We prepare to sell on major resistance at 89.29 (Fibonacci retracement, major horizontal overlap resistance) for a strong reaction off this level to push price down to at least 88.88 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 95% and we expect a corresponding reaction off this level.

Bitcoin dropping perfectly as predicted, remain bearish for a further drop

Sell below 11083. Stop loss at 12029. Take profit at 9443 and 8142.
Reason for the trading strategy (fundamentally):
News around cryptocurrencies have not been too positive recently. The latest being Korean crypto exchange Korbit banning non-citizens from depositing local currencies on its platform. The move was particularly because of new regulations banning anonymous cryptocurrency exchange accounts and strengthens know-your-customer (KYC) rules. As more such regulations start rolling out, we’ll likely see more and more bearish momentum building up on cryptocurrencies.
Reason for the trading strategy (technically):
Price has continued to drop strongly as predicted. We remain bearish looking to sell on strength below 11083 resistance (Fibonacci retracement, breakout resistance level) for a further push down to at least 9443 support (Fibonacci extension, major swing low support) before 8142 (61.8% Golden ratio retracement, 61.8% Fibonacci extension).
Stochastic (55,5,3) is seeing major support above 7% so we have to be careful that a bounce might occur soon and it would be most ideal to look for a good entry point with this bounce.

MEX_Exchange · January 24, 2018, 4:32am

Date: January 24, 2018

AUDJPY profit target reached once again, prepare to sell

Sell below 88.40. Stop loss at 88.66. Take profit at 87.91.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target once again. We look to sell on major resistance at 88.40 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a further drop to at least 87.91 (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below 96% where a corresponding drop could occur

EURUSD testing major resistance, prepare for a drop

Sell below 1.2309. Stop loss at 1.2359. Take profit at 1.2210.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.2309 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and a drop could occur at this level to push price down to at least 1.2210 support (Fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.

USDCHF right on major support, prepare for a bounce

Buy above 0.9569. Stop loss at 0.9501. Take profit at 0.9699.
Reason for the trading strategy (technically):
Price is now testing major support at 0.9569 (Fibonacci extension, horizontal swing low support) and we expect a bounce above this level to push price up to at least 0.9699 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing major support above 3.7% where a corresponding bounce could occur.

Bitcoin has made a pullback to our selling entry, remain bearish

Sell below 11083. Stop loss at 12029. Take profit at 9443 and 8142.
Reason for the trading strategy (fundamentally):
There continues to be bearish news surrounding Bitcoin with major payment processor Stripe choosing to end support for Bitcoin. This is largely due to lengthy transaction times, increasing transaction failure rate and growing fees has caused it to become less popular among Stripe’s merchants and users. At the same time, South Korea has announced that Jan 30 is the deadline for cryptocurrency investors in South Korea to have to use their real-name bank accounts in order to continue trading. While this is definitely good news in its step to strength KYC compliance and money laundering, it has also affected a large group of traders who had preferred to remain anonymous.
Reason for the trading strategy (technically):
Price has made a pullback to our selling entry as expected. We remain bearish below 11083 resistance (Fibonacci retracement, breakout resistance level) for a further push down to at least 9443 support (Fibonacci extension, major swing low support) before 8142 (61.8% Golden ratio retracement, 61.8% Fibonacci extension).
Stochastic (21,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.

MEX_Exchange · January 25, 2018, 4:32am

Date: January 25, 2018

AUDJPY profit target reached again, prepare to sell

Sell below 88.40. Stop loss at 88.66. Take profit at 87.91.
Reason for the trading strategy (technically):
Price rose to our selling area and reacted off it perfectly to drop right to our profit target once again. We look to once again sell on major resistance at 88.40 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a drop to at least 87.91 (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below 96% where a corresponding drop could occur

NZDUSD approaching major support, prepare to buy

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.
Reason for the trading strategy (technically):
Price is approaching major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support) and a bounce could occur at this level to push price up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).
RSI (34) sees a long term ascending support line since November 2017 hold up our bullish momentum really well.

Gold testing major resistance, prepare for a drop

Sell below 1360. Stop loss at 1366. Take profit at 1345.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1360 (ABC Fibonacci extension, bearish price action, bearish harmonic formation) and a strong reversal could occur at this level to push price down to at least 1345 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance at 96% where a corresponding reaction could occur.

Bitcoin has made a pullback to our selling entry, remain bearish

Sell below 11786. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
There hasn’t been positive news nor negative news on Bitcoin recently with the latest one being Goldman Sachs CEO denying that they were going to launch their own bitcoin trading desk. We’re seeing a bit of a squeeze around the 11,600 range area and when such a squeeze happens, the next major news would usually cause a very volatile price reaction.
Reason for the trading strategy (technically):
Price is making its pullback to our long term descending resistance line and also major resistance at 11786 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to at least 9328 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

MEX_Exchange · January 26, 2018, 2:25am

Date: January 26, 2018

AUDJPY profit target reached for the 4th time, prepare for another drop

Sell below 88.18. Stop loss at 88.41. Take profit at 87.73.
Reason for the trading strategy (technically):
Price dropped from our selling area perfectly and reached our profit target once again. We now see price testing our intermediate descending resistance line and we look to sell below resistance at 88.18 (Fibonacci retracement, descending resistance, horizontal swing high resistance) for a further push down to test 87.73 support (Fibonacci extension, Fibonacci retracement, horizontal swing low support) once again.
RSI (34) sees multiple descending resistance line holding price down really well.

NZDUSD right on major support, time to go long

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.
Reason for the trading strategy (technically):
Price is testing major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support, bullish price action) and a bounce could occur at this level to push price up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).
RSI (55) sees a long term ascending support line since November 2017 hold up our bullish momentum really well. We’re starting to see a possible break of this long term support line but our major support remains at 51% and only a clean break of that level would be a precursor that a drop is coming.

EURJPY testing major resistance, time to sell

Sell below 136.10. Stop loss at 136.38. Take profit at 135.03.
Reason for the trading strategy (technically):
Price is now testing major resistance at 136.10 (Fibonacci extension, horizontal swing high resistance, bearish divergence) and a strong reaction could occur at this level to price down to at least 135.03 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% and we can see bearish divergence vs price signalling that a reversal is impending.

Bitcoin continues to test our descending resistance, remain bearish

Sell below 11786. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
There has been slightly more good news coming in lately which is causing Bitcoin to hold well above the 10,000 mark. Good news revolve around Singapore’s MAS (Monetary Authority of Singapore) believing bitcoin won’t cause a financial meltdown like the 2008 Lehman Brothers bankruptcy, along with stock trading mobile app provider “Robinhood” jumping on the crypto-trading bandwagon – announcing it plans to roll out bitcoin and ether trading services next month.
Reason for the trading strategy (technically):
Price has made a pullback to our long term descending resistance line and also major resistance at 11786 (Fibonacci retracement, horizontal overlap resistance). We remain bearish as a strong reaction could occur at this level to push price down to at least 9328 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

MEX_Exchange · January 29, 2018, 1:50am

Date: January 29, 2018

Silver hovering right above major support, watch for the break to trigger a bearish move!

Sell below 17.34. Stop loss at 17.48. Take profit at 17.11.
Reason for the trading strategy (technically):
Silver is now hovering above 17.34 major support (swing low support, Fibonacci retracement, ascending support) and a clean break of this level would trigger a bearish move to drive price down to at least 17.11 support (Fibonacci retracement, horizontal overlap support).
RSI (34) sees an ascending support line hold price up really well correspondingly. A similar break of this support line would trigger a bearish move downwards.

NZDUSD continues to bounce up really nicely, remain bullish

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.
Reason for the trading strategy (technically):
Price tested our buying area and ascending channel support and had bounced up really nicely as expected. We remain bullish above major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support, bullish price action) for price to continue its push up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).
RSI (55) sees a long term ascending support line since November 2017 hold up our bullish momentum really well. We’re starting to see a possible break of this long term support line but our major support remains at 51% and only a clean break of that level would be a precursor that a drop is coming.

EURJPY profit target reached perfectly, prepare for further drop

Sell below 135.14. Stop loss at 135.53. Take profit at 134.28.
Reason for the trading strategy (technically):
Price has dropped perfectly as expected and reached our profit target. We now see major resistance at 135.14 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down towards 134.28 support (Fibonacci retracement, horizontal pullback support).
RSI (34) sees a bearish exit recently signalling that we should be expecting some bearish momentum in line with what we’re seeing in price.

Bitcoin testing major resistance, prepare to sell

Sell below 12198. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
The security of cryptocurrency has been hit once again with tokyo-based cryptocurrency exchance Coincheck confirming that It has suffered what appears to be the biggest hack in the history of the technology, losing $533 million. While this doesn’t directly affect bitcoin, it does shed some light into the whole security of holding cryptocurrencies and should, at least in the interim, continue to put bearish pressure on Bitcoin.
Reason for the trading strategy (technically):
Price has risen a bit and is now testing major resistance at 12198 (ABC Fibonacci extension, 61.8% Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to at least 9328 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

MEX_Exchange · January 31, 2018, 2:02am

Date: January 31, 2018

AUDJPY approaching major resistance, prepare for a drop!

Sell below 88.41. Stop loss at 88.76. Take profit at 87.49.
Reason for the trading strategy (technically):
Price is approaching major resistance at 88.41 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect a strong reaction off this level to push price down towards 87.49 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 97% where a corresponding reaction could occur.

NZDUSD starting to show signs of a bounce, remain bullish

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.
Reason for the trading strategy (technically):
Price continues to test our buying area and ascending channel support. We think that it might be doing a fake breakout now because RSI has not broken below 50% yet. We remain bullish above major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long term ascending support, bullish price action) for price to continue its push up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).
RSI (55) major support remains at 50% and only a clean break of that level would be a precursor that a drop is coming.

EURJPY testing major resistance, prepare to sell

Sell below 135.14. Stop loss at 135.67. Take profit at 134.28.
Reason for the trading strategy (technically):
Price is testing major resistance at 135.14 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to at least 134.28 support (Fibonacci retracement, horizontal overlap support). Our stop loss is at 135.67 to give our trade more breathing space.
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.

Bitcoin dropping absolutely perfectly, remain bearish for a further drop

Sell below 10478. Stop loss at 11223. Take profit at 9328.
Reason for the trading strategy (fundamentally):
The biggest news that has driven Bitcoin lower recently was Facebook’s new policy that bans advertisements involving bitcoin and initial coin offerings, citing that they are frequently associated with misleading and deceptive promotional practices that are not currently operating in good faith.
Reason for the trading strategy (technically):
Bitcoin has continued to drop perfectly as expected and recently broke our ascending support-turned-resistance line pushing it all the way down to a major psychological level of 10,000 (also a corresponding horizontal swing low support level). We remain bearish looking to sell below 10478 resistance (horizontal overlap resistance) for a further push down to major support at 9328 (Fibonacci extension, horizontal swing low support).
RSI (34) remains under heavy bearish pressure with our descending resistance line.