RATE Group | Trade Recommendation: Bitcoin | Hacked: Hacking Finance
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Trade Recommendation: Bitcoin | Hacked: Hacking Finance

24 Sep Trade Recommendation: Bitcoin | Hacked: Hacking Finance

Posted at 16:15h in Bitcoin News by

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On our August 18, 2018 trade recommendation, we notified our readers to sell as soon as Bitcoin (BTC/USD) hit $7,400. The target was hit on September 4 when the market went as high as $7402.50. We hope you were able to sell close to the target because BTC immediately corrected after it hit the resistance. We had this view that the move to $7,400 is another pump and dump rally because Bitcoin was forming the last legs of its reversal pattern.

Technical analysis shows that Bitcoin is about to break out from a symmetrical triangle on the daily chart. This formation started to show promise after BTC generated a higher low setup of $6,106.37 on September 19. The higher low appears to be the conclusion of the E wave, which is the last leg down of the triangle.

With a higher low in place, the next step is to take out the resistance of $6,800. From the looks of it, the breakout appears to be only a matter of time.

The strategy is to buy the breakout at $6,800 after the…

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