BTCUSD testing major resistance, prepare for a potential drop!
BTCUSD is back to testing our major resistance at 8057 (shorter term descending resistance, horizontal pullback resistance, Fibonacci retracement) and a reaction could occur from this level to drive prices down to 5763 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees a long term descending resistance line hold price down really well and add bearish momentum to our setup.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) sees a long term descending resistance line hold price down really well and add bearish momentum to our setup.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results