BitcoinShort
Bitcoin Testing Its Resistance, Prepare For A Reversal
Sell below 6938. Stop loss at 7189. Take profit at 6426.
We see price testing its support turned resistance at 6938 (50% Fibonacci retracement, horizontal overlap resistance) where we expect to see it drop to its support at 6426 (61.8% Fibonacci extension, horizontal swing low support). We do have to be cautious of the intermediate support at 6523 (61.8% Fibonacci extension, horizontal swing low support)
Stochastic (21, 5, 3) has a lot of downside potential.
We see price testing its support turned resistance at 6938 (50% Fibonacci retracement, horizontal overlap resistance) where we expect to see it drop to its support at 6426 (61.8% Fibonacci extension, horizontal swing low support). We do have to be cautious of the intermediate support at 6523 (61.8% Fibonacci extension, horizontal swing low support)
Stochastic (21, 5, 3) has a lot of downside potential.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.