BTCUSD is approaching our first major support at 8347.1 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, Horizontal overlap support). A strong bounce could occur at this level, pushing price up to our major resistance at 9492.3 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance). A breakout of our intermediate resistance levels might provide further bullish acceleration to our major resistance level.
Stochastic (21,5,3) is approaching our major support at 9% and RSI is also approaching our major ascending support line at 40%, a good precursor of a potential rise in price should it bounce off this level. Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.