Bitcoin almost breaking out, prepare to short
Sell below 15496. Stop loss at 16615. Take profit at 14126.
Reason for the trading strategy (technically):
Price is seeing major support from our ascending support line and also at 15496 (Fibonacci retracement, horizontal pullback support). We will only sell on the break of this major support which would trigger a push down to 14126 support (Fibonacci retracement, horizontal overlap support).
RSI (55) has made a bearish exit of our long term ascending support-turned-resistance level and is a presignal that a strong drop could be occurring soon.
Reason for the trading strategy (technically):
Price is seeing major support from our ascending support line and also at 15496 (Fibonacci retracement, horizontal pullback support). We will only sell on the break of this major support which would trigger a push down to 14126 support (Fibonacci retracement, horizontal overlap support).
RSI (55) has made a bearish exit of our long term ascending support-turned-resistance level and is a presignal that a strong drop could be occurring soon.
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.