BTCUSD 3H Chart - Correction to $3,295
There's a cluster of resistance at $3,564:
The price had already bounced off of the resistance and is headed downward.
The interesting part is the weak volume on which the price had been climbing for the past 3 candles. This indicates bullish divergence as the volume bars are way below average.
I would recommend shorting BTCUSD @ $3,550 with a SL @ $3,615 to target $3,295 that yields R:R of 3.92 and 7.2% profit for intraday traders.
SL to be adjusted to $3,425 once the price goes below $3,350.
- Supply line (red line)
- EMA-50
- Fib line 23.6%
The price had already bounced off of the resistance and is headed downward.
The interesting part is the weak volume on which the price had been climbing for the past 3 candles. This indicates bullish divergence as the volume bars are way below average.
I would recommend shorting BTCUSD @ $3,550 with a SL @ $3,615 to target $3,295 that yields R:R of 3.92 and 7.2% profit for intraday traders.
SL to be adjusted to $3,425 once the price goes below $3,350.
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