easyMarkets
Long

BTCUSD approaching support, potential bounce!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD is approaching our first support at 3690.7 (horizontal overlap support, 61.8% fibonacci extension , 61.8% fibonacci retracement ) where a strong bounce might occur above this level pushing price up to our major resistance at 4405.5 (horizontal swing high resistance, 61.8% fibonacci extension , 23.6% fibonacci retracement ).
Stochastic (21,5,3) is also approaching support and we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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We took the short signal with our indicators and we're up 3.40% on this short but looking for another bounce as well. Great TA my friend!
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BTCUSD H1 C UP. Checkout the idea detail's and update's for the complete picture!
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Potential smackdown?
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