BitcoinShort
Bitcoin Testing Its Resistance, Prepare For a Drop
Sell below 8254. Stop loss at 8527. Take profit at 7516.
Reason for the trading strategy (technically):
We see price testing its resistance at 8254 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect price to react off its, causing it to fall to its support at 7516 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where we expect to see a corresponding reaction.
Reason for the trading strategy (technically):
We see price testing its resistance at 8254 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect price to react off its, causing it to fall to its support at 7516 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where we expect to see a corresponding reaction.
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.
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.