BTCUSD approaching resistance, potential drop!
BTCUSD is approaching our first resistance at 6582 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 6459 (horizontal overlap support, 50% Fibonacci extension).
Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. Stochastic (34,5,3) is also approaching resistance and a reaction off this level might see a corresponding drop in price.
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Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias. Stochastic (34,5,3) is also approaching resistance and a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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