BITCOIN HAS SHOWN STRONG RESISTANCE AROUND THE WEEKLY RANGE $8500 AND WE NOTICE A DROP IN PRICE COMING DOWN TO THE $7700 LEVEL.
FURTHERMORE WE HAVE FOUND A SUITABLE SUPPORT AROUND THIS LEVEL AS WE HAVE RETESTED THIS LEVEL 6 TIMES AND COULDN'T BREAK PAST THEREFORE SHOWING A GOOD SUPPORT LEVEL
WE HAVE ALSO FORMED A DOUBLE BOTTOM WHICH IS EXTRA CONFLUENCE TO TAKE THIS TRADE LONG.
I WILL BE TAKING THIS TRADE LONG AND PUTTING MY TAKE PROFIT AT THE WEEKLY RANGE OF $8500. WE SHOULD HIT THIS ZONE AS IT MATCHES WITH OUR 61,8% ON THE FIB LEVEL.
IF THIS DOES COMPLETE SUCCESSFULLY I WOULD LOOK FOR THE TRADE TO HIT THE 61.8 LEVEL AND TAKE THE TRADE SHORT TO THE -27 LEVEL.
FUTHERMORE THE TRENDLINE IN PLACE IS ALSO INDICATING PRICE BEARISH THEREFORE IF WE RESPECT THIS TRENDLINE IT WILL ADD AN EXTRA REASON TO GO SHORT.
WE ALSO HAVE STRONG SUPPORT FROM OUR 200 EMA WHICH IS THE GOLDEN LINE THAT COMES UNDER THE DOUBLE BOTTOM
FURTHERMORE WE HAVE FOUND A SUITABLE SUPPORT AROUND THIS LEVEL AS WE HAVE RETESTED THIS LEVEL 6 TIMES AND COULDN'T BREAK PAST THEREFORE SHOWING A GOOD SUPPORT LEVEL
WE HAVE ALSO FORMED A DOUBLE BOTTOM WHICH IS EXTRA CONFLUENCE TO TAKE THIS TRADE LONG.
I WILL BE TAKING THIS TRADE LONG AND PUTTING MY TAKE PROFIT AT THE WEEKLY RANGE OF $8500. WE SHOULD HIT THIS ZONE AS IT MATCHES WITH OUR 61,8% ON THE FIB LEVEL.
IF THIS DOES COMPLETE SUCCESSFULLY I WOULD LOOK FOR THE TRADE TO HIT THE 61.8 LEVEL AND TAKE THE TRADE SHORT TO THE -27 LEVEL.
FUTHERMORE THE TRENDLINE IN PLACE IS ALSO INDICATING PRICE BEARISH THEREFORE IF WE RESPECT THIS TRENDLINE IT WILL ADD AN EXTRA REASON TO GO SHORT.
WE ALSO HAVE STRONG SUPPORT FROM OUR 200 EMA WHICH IS THE GOLDEN LINE THAT COMES UNDER THE DOUBLE BOTTOM