Bitcoin Broke Out Of Its Ascending Channel, Remain Bullish
Sell below 9185. Stop loss at 9510. Take profit at 8447.
Reason for the trading strategy (technically):
BTCUSD has broken out of its ascending channel where we look to sell on strength at 9185 (50% Fibonacci retracement, horizontal overlap resistance). We expect prices to drop to its support at 8447 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback support).
RSI (89) has broken out of its ascending support line and the ichimoku cloud is showing signs of downward pressure which contributes to our bearish bias.
Reason for the trading strategy (technically):
BTCUSD has broken out of its ascending channel where we look to sell on strength at 9185 (50% Fibonacci retracement, horizontal overlap resistance). We expect prices to drop to its support at 8447 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback support).
RSI (89) has broken out of its ascending support line and the ichimoku cloud is showing signs of downward pressure which contributes to our bearish bias.