BTCUSD approaching major resistance, prepare to sell
Sell below 17459. Stop loss at 18770. Take profit at 14739.
Reason for the trading strategy (technically):
Bitcoin’s price has continued to rise strongly yesterday and we’re seeing it approaching a major resistance area. We look to sell below 17459 resistance (Fibonacci extension, bearish price action, bearish divergence) for a drop towards at least 14739 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 98% and also displays bearish divergence vs price, signalling that a reversal is impending.
Reason for the trading strategy (fundamentally):
Bitcoin January futures (which are contracts that let investors buy or sell something at a specific price in the future) price are about $17,800 which is rather close to where we forecast major resistance. This is in line with the immediate resistance we’re seeing on the technical side so it would be safe to start looking to short Bitcoin for a correction.
Reason for the trading strategy (technically):
Bitcoin’s price has continued to rise strongly yesterday and we’re seeing it approaching a major resistance area. We look to sell below 17459 resistance (Fibonacci extension, bearish price action, bearish divergence) for a drop towards at least 14739 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 98% and also displays bearish divergence vs price, signalling that a reversal is impending.
Reason for the trading strategy (fundamentally):
Bitcoin January futures (which are contracts that let investors buy or sell something at a specific price in the future) price are about $17,800 which is rather close to where we forecast major resistance. This is in line with the immediate resistance we’re seeing on the technical side so it would be safe to start looking to short Bitcoin for a correction.
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