Bitcoin Testing Its Resistance, Prepare For a Drop
583
Sell below 8254. Stop loss at 8527. Take profit at 7516. Reason for the trading strategy (technically): We see price testing its resistance at 8254 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect price to react off its, causing it to fall to its support at 7516 (50% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 97% where we expect to see a corresponding reaction.