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MEX_Exchange
Apr 11, 2018 2:20 AM

Bitcoin Testing Its Resistance, Prepare For A Reversal Short

Bitcoin / DollarBitfinex

Description

Sell below 6907. Stop loss at 7196. Take profit at 6426.
Reason for the trading strategy (technically):
We see price testing its support turned resistance at 6907 (50% Fibonacci retracement, horizontal overlap resistance) where we expect to see it drop to its support at 6426 (61.8% Fibonacci extension, horizontal swing low support). We do have to be cautious of the intermediate support at 6523 (61.8% Fibonacci extension, horizontal swing low support)
Stochastic (21, 5, 3) is approaching its resistance at 90% where we expect to see a corresponding reversal.
Comments
deactivatedaccount123
I hope you don't mind me posting this here. If so, I won't do it again. But, I have to admit, I disagree here.
fureien
@MC_Peewee, hahaha wtf
fureien
@MC_Peewee, zoom out
deactivatedaccount123
@fureien, I just did.



Miss this?
fureien
@MC_Peewee, thats what i was referring too
all good

but my god man lighten the colour scheme of ur chart
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