Sell below 6223.
Stop loss at 6458.
Take profit at 5755.
Reason for the trading strategy (technically):
BTCUSD is testing its resistance at 6223 (61.8% Fibonacci extension, 23.6% & 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect price to reverse down to its support at 5755 (100% Fibonacci extension, horizontal swing low support).
Stochastic (55, 5, 3) has reversed off its resistance at 87% where a corresponding drop is expected.
Stop loss at 6458.
Take profit at 5755.
Reason for the trading strategy (technically):
BTCUSD is testing its resistance at 6223 (61.8% Fibonacci extension, 23.6% & 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect price to reverse down to its support at 5755 (100% Fibonacci extension, horizontal swing low support).
Stochastic (55, 5, 3) has reversed off its resistance at 87% where a corresponding drop is expected.