Sell below 9208. Stop loss at 9487. Take profit at 8447.
Reason for the trading strategy (technically):
BTCUSD is approaching its support at 9208 (38.2% Fibonacci retracement, horizontal overlap support) where we look to sell on weakness. We expect price to fall to its support at 8447 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback support). We do have to be cautious of the intermediate support at 8796 (61.8% Fibonacci extension, horizontal swing low support).
Stochastic (34, 5, 3) is approaching its resistance at 96% where a corresponding reversal drop is expected.
Reason for the trading strategy (technically):
BTCUSD is approaching its support at 9208 (38.2% Fibonacci retracement, horizontal overlap support) where we look to sell on weakness. We expect price to fall to its support at 8447 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback support). We do have to be cautious of the intermediate support at 8796 (61.8% Fibonacci extension, horizontal swing low support).
Stochastic (34, 5, 3) is approaching its resistance at 96% where a corresponding reversal drop is expected.