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MEX_Exchange
Apr 24, 2018 2:23 AM

Bitcoin Testing Its Resistance, Prepare For a Drop Short

Bitcoin / DollarBitfinex

Description

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.
Comments
TheCryptAlpha
So how is the trade working out for you?
MikeMoh
outch , it was a clear break out, sorry you missed it :D

ShaheenFahmy
Agree, a drop is very likely!

D_Payne_14
How has this correction theory worked for everyone? Lmao
StrongHandDan
WRONG!!
NguyenChiNghia
BTC need down to 7700-7900
alerom
SuperDuty
Not gonna happen! Next stop 11500
alerom
@SuperDuty, correction needed buddy
SuperDuty
@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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