Bitcoin testing major resistance, prepare to sell

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

Sell below 12198. Stop loss at 13109. Take profit at 9328.
Reason for the trading strategy (fundamentally):
The security of cryptocurrency has been hit once again with tokyo-based cryptocurrency exchance Coincheck confirming that It has suffered what appears to be the biggest hack in the history of the technology, losing $533 million. While this doesn’t directly affect bitcoin , it does shed some light into the whole security of holding cryptocurrencies and should, at least in the interim, continue to put bearish pressure on Bitcoin .
Reason for the trading strategy (technically):
Price has risen a bit and is now testing major resistance at 12198 ( ABC Fibonacci extension , 61.8% Fibonacci extension , horizontal overlap resistance) and a strong reaction could occur at this level to push price down to at least 9328 support ( Fibonacci extension , horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.
any updates according to good news?
9k again? yeah i dont think so

u think breaking the 10k range support is possible? we will hit 8k or lower for sure if it broke support again
+1 Reply
Great call
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