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.
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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.
Nice idea on BTCUSD and there may be potential gains as you have identified by going short. The 1st resistance level that we have found is at 6809, which is just below the resistance level that you have identified. It is a horizontal overlap resistance, with a 50% Fibonacci retracement and 61.8% Fibonacci extension. RSI is approaching resistance and we might see a corresponding drop in price should it react off this level. If a corresponding drop does happen, we have found a major support level at 5890. It is a horizontal swing low support with a 61.8% Fibonacci extension. Excited to see how things develop.
Please take a look at our idea and share with us what you think.
Please take a look at our idea and share with us what you think.