Sell below 6416. Stop loss at 6613. Take profit at 6047.
Reason for the trading strategy (technically):
BTCUSD is testing its resistance at 6416 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where we expect price to reverse, causing price to fall to its support at 6047 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 82% where a corresponding reversal is expected.
Reason for the trading strategy (technically):
BTCUSD is testing its resistance at 6416 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where we expect price to reverse, causing price to fall to its support at 6047 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 82% where a corresponding reversal is expected.