MEX_Exchange
Short

Bitcoin Testing Its Resistance, Prepare For a Drop

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Sell below 9175. Stop loss at 9464. Take profit at 7821.
Reason for the trading strategy (technically):
We see price testing its major resistance at 9175 (, 76.4% Fibonacci retracement , 50% Fibonacci retracement , horizontal swing high resistance) where we expect price to react off it, pushing it to its support at 7821 (50% Fibonacci retracement , horizontal pullback support). We do have to be cautious of the intermediate support at 8513 (100% Fibonacci extension , 61.8% Fibonacci extension , 23.6% Fibonacci retracement , horizontal pullback support).
Stochastic (89, 5, 3) tested its resistance at 96% where a corresponding reaction is expected.
So how is the trade working out for you?
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outch , it was a clear break out, sorry you missed it :D

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Agree, a drop is very likely!

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How has this correction theory worked for everyone? Lmao
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WRONG!!
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BTC need down to 7700-7900
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alerom NguyenChiNghia
@NguyenChiNghia, indeed
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Not gonna happen! Next stop 11500
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alerom SuperDuty
@SuperDuty, correction needed buddy
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@alerom, yeah sure, after its been correcting for 4 months. It will drop, no doubt, but i sure hope not much and it keeps going up, im no trader or nothing, just been watching it closely since last year. Sure it could go down, like right now its seems to be correcting a bit
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