BTCUSD Reversed Nicely Off Its Resistance, Prepare For A Drop!
Sell below 6760.
Stop loss at 7038.
Take profit at 6294.
Reason for the trading strategy (technically):
BTCUSD reversed nicely off its resistance at 6760 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance) where we expect price to fall to its support at 6294 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) reversed nicely off its resistance at 95% where a corresponding drop is expected. We have also identified a bearish divergence with price which contributes to our bearish bias.
Stop loss at 7038.
Take profit at 6294.
Reason for the trading strategy (technically):
BTCUSD reversed nicely off its resistance at 6760 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance) where we expect price to fall to its support at 6294 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) reversed nicely off its resistance at 95% where a corresponding drop is expected. We have also identified a bearish divergence with price which contributes to our bearish bias.