BTC Short - Support Broken
Hi guys its Brian here with an update on Bitcoin (BTC)
As you can see from the chart, BTC has just gone below the ichimoku cloud and this could signal the start of the next bearish momentum. Price also failed to break through and got rejected by the resistance (yellow line) as seen by the previous day long wick on the candle.
Price has also now fallen below the 50 day MA as well as the support (yellow line) formed during the mark up. If price doesn't break above the resistance line then it is likely we are seeing a move to the down side.
From FIB extension, a short target of 0.618 to 0.786 FIB levels seem like a reasonable take profit level to aim for with stop loss placed slightly above the resistance line.
brianchai.com/
Free Trading Group (signals, news, price alerts & more!)
As you can see from the chart, BTC has just gone below the ichimoku cloud and this could signal the start of the next bearish momentum. Price also failed to break through and got rejected by the resistance (yellow line) as seen by the previous day long wick on the candle.
Price has also now fallen below the 50 day MA as well as the support (yellow line) formed during the mark up. If price doesn't break above the resistance line then it is likely we are seeing a move to the down side.
From FIB extension, a short target of 0.618 to 0.786 FIB levels seem like a reasonable take profit level to aim for with stop loss placed slightly above the resistance line.
brianchai.com/
Free Trading Group (signals, news, price alerts & more!)
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