easyMarkets
Short

BTCUSD approaching resistance, potential drop!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD is approaching our first resistance at 4164.2 (horizontal swing high resistance, 61.8% Fibonacci extension , 76.4% Fibonacci retracement ) where a strong drop might occur to our major resistance at support at 4003.4 (horizontal overlap support, 78.6% Fibonacci retracement ).
Stochastic (34,5,3) is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.


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