MEX_Exchange
Short

Bitcoin Testing Its Resistance, Prepare For a Drop

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Sell below 8360. Stop loss at 9103. Take profit at 6426.
Reason for the trading strategy (technically):
We see price testing its resistance at 8360 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance) where we expect price to react off its, causing it to fall to its support at 6426 (horizontal swing low support). We do have to be cautious of the intermediate support at 7518 (horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 94% where we expect to see a corresponding reaction. We have also identified a bearish divergence with price which contributes to our bearish bias.
Agreed. You think it's going to sail straight past $7500?
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