EmpowerTrader

BTCUSD Bearish Breakout Confirmed, Currently in a Pullback

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Last week, price fell sharply to the downside to as low as 6200. Since breaking the trend channel, price has been in a pullback. Look for another sharp to the downside as sell-off resumes.

Trade Step-ups:

Scenario One ( Bearish Reversal): Price resumes sell-off, potentially pushing price back down to 6100. Nevertheless, price could hit 6400 before resuming its bearish reversal.

Scenario Two ( Bullish Breakout): Price pushes back up above 6500 level to re-test key resistance. Look for a potential breakout and consolidation above 6700.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.