Shorting on Fibo Retracement levels

4 Jun 2018

The price was rejected off the first important 1D Resistance at 7,828.70. However since the 1D Channel Down broke (STOCH = 63.677, B/BP = 55.2818, Highs/Lows = 0), the price will first move to test the next Resistance at 7,928.10 where a strong resisting trend line (dotted) awaits. We intend to place three separate short orders: 7,928.10, 8,180.90 (0.382 Fibo) and 8,883.20 (0.618 Fibo). The target is the 6,446.20 support on 1W (ADX = 21.197), since the dominant trend on BTC remains bearish and according to this bearish cycles projections, the bottom is much lower.