BTCUSD Reversed Off Resistance, Potential for Further Drop
BTC/USD reversed off a swing high resistance at 6835.7. The 38.20% fibonacci retracement and the 23.60% fibonacci extension at this level indicate that this is a strong level of resistance.
Currently price has reversed off this resistance level. The ascending diagonal support line on RSI predicts a further sell off and thus price may drop.
However, the 6128.1 is a major level of support, coinciding with the 50% fibonacci extension. Thus price should eventually bounce off this major support level.
I foresee a good short trading opportunity over here.
Share with me what you think about my idea in the comments and like it if it is useful, appreciate it.
Thank you.
Currently price has reversed off this resistance level. The ascending diagonal support line on RSI predicts a further sell off and thus price may drop.
However, the 6128.1 is a major level of support, coinciding with the 50% fibonacci extension. Thus price should eventually bounce off this major support level.
I foresee a good short trading opportunity over here.
Share with me what you think about my idea in the comments and like it if it is useful, appreciate it.
Thank you.
Comment:
Call on track at the moment, BTC/USD falling and approaching major support. RSI level on the way down to hit the ascending diagonal support line.