BTCUSD: Continue selling strategy, target 64,000
Hi everybody! Let's discuss!
Just as I predicted yesterday, BTCUSD has undergone a significant retracement, as evidenced by the price breaking out of the previous flat area, plummeting to $66,700 and creating a huge liquidity zone. The outlook suggests a further decline, according to statistics the strongest volatility is after the breakout. As long as it remains sustained and consolidates below the price wedge (shown on the 4h chart) it can cause a sharp decline towards the liquidity zone indicated on the chart. The target for this drop is $64,000.
I expect the price to retest the 0.618 Fibonacci level (68.106) with a bounce. Above that is the 0.5 level (68,742) which could serve as the coin's next hurdle. Theoretically in a downtrend the resistance level plays a corresponding role that can bring profits to the sellers. What are your thoughts and strategies for today's trading conditions?
Just as I predicted yesterday, BTCUSD has undergone a significant retracement, as evidenced by the price breaking out of the previous flat area, plummeting to $66,700 and creating a huge liquidity zone. The outlook suggests a further decline, according to statistics the strongest volatility is after the breakout. As long as it remains sustained and consolidates below the price wedge (shown on the 4h chart) it can cause a sharp decline towards the liquidity zone indicated on the chart. The target for this drop is $64,000.
I expect the price to retest the 0.618 Fibonacci level (68.106) with a bounce. Above that is the 0.5 level (68,742) which could serve as the coin's next hurdle. Theoretically in a downtrend the resistance level plays a corresponding role that can bring profits to the sellers. What are your thoughts and strategies for today's trading conditions?
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