Bitcoin continues to test major resistance, remain bearish
Sell below 15016. Stop loss at 15791. Take profit at 12908.
Reason for the trading strategy (technically):
Price continues to test our major resistance area at 15016 (Fibonacci retracement, Fibonacci extension, bearish bat harmonic formation) and we expect a drop from this level to at least 12908 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is starting to drop nicely from our 94% resistance level and we expect it to drop further with price here.
Reason for the trading strategy (technically):
Price continues to test our major resistance area at 15016 (Fibonacci retracement, Fibonacci extension, bearish bat harmonic formation) and we expect a drop from this level to at least 12908 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is starting to drop nicely from our 94% resistance level and we expect it to drop further with price here.
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.