Evening Traders,
Today’s analysis- BTCUSD – trading at a critical level where a bearish cross is imminent,
Points to consider,
- Price Action Impulsive
- 200 MA Resistance
- .618 Fibonacci Objective
BTCUSD’s immediate price action is impulsive, trading below its 200 MA resistance, a bearish sign.
A reversion to the .618 Fibonacci is likely where macro support lies, this being the immediate objective.
Failure to reclaim the 200 MA will greatly increase the probability of a trend continuation to the downside
Overall, in my opinion, BTCUSD is a a valid short with defined risk price action is to be used upon discretion/ management.
Today’s analysis- BTCUSD – trading at a critical level where a bearish cross is imminent,
Points to consider,
- Price Action Impulsive
- 200 MA Resistance
- .618 Fibonacci Objective
BTCUSD’s immediate price action is impulsive, trading below its 200 MA resistance, a bearish sign.
A reversion to the .618 Fibonacci is likely where macro support lies, this being the immediate objective.
Failure to reclaim the 200 MA will greatly increase the probability of a trend continuation to the downside
Overall, in my opinion, BTCUSD is a a valid short with defined risk price action is to be used upon discretion/ management.
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— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.