BTCUSD Approaching Resistance, Prepare For Reversal
Sell below 9475. Stop loss at 9766. Take profit at 8894.
Reason for the trading strategy (technically):
BTCUSD is approaching resistance at 9475 (50% Fibonacci retracement, horizontal overlap resistance) where we expect price to reverse off from, causing it to fall to its support at 8894 (100% Fibonacci extension, horizontal swing low support).
Stochastic (21, 5, 3) is approaching resistance at 92% where a corresponding reaction is expected.
Reason for the trading strategy (technically):
BTCUSD is approaching resistance at 9475 (50% Fibonacci retracement, horizontal overlap resistance) where we expect price to reverse off from, causing it to fall to its support at 8894 (100% Fibonacci extension, horizontal swing low support).
Stochastic (21, 5, 3) is approaching resistance at 92% where a corresponding reaction is expected.
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