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BTCUSD approaching support, potential bounce!

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD is approaching our first support at 3494.0 (horizontal swing low support, 76.4% Fibonacci retracement , 100%, 61.8% Fibonacci extension ) where a strong bounce might occur above this level pushing price up to our major resistance at 3823.4 (horizontal overlap resistance, 50% Fibonacci retracement ).
Stochastic (89,5,3) is also approaching support where we might see a corresponding bounce in price.
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Losses can exceed the initial investment so please ensure you fully understand the risks.

Comments

BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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