ICmarkets
Short

BTCUSD testing its resistance, potential to drop!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We see price testing its resistance at 8360 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance) where price could potentially react off it, causing it to fall to its support at 7518 (horizontal pullback support). If it breaks past this level, it could potentially fall to its next support at 6426 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 94% where we expect to see a corresponding reaction.
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