Bitcoin Technical Analysis D1 chart | Our expectations:
Opportunity for short positions as the price consolidates around strong levels of resistance and retention below 200SMA with stop 9750.
Downward trend and test of the breakout of the Double Top formation between 15.02.2018 and 08.03.2018. Fibonacci 61.8 of the last bearish wave and close to 23.6 of the whole downward movement - a strong level where the price consolidates. The likelihood of downward impulse is compounded by the retention of the price below 200SMA and the DeM (14) spin in an overbought market above 0.7.
Entry here is a little risky but with a better expectation of profit, as a breakout below 8600 will boost the signal, and this will be a breakthrough of the short-term consolidation.
Alternative scenario: A price break above 9715 will activate the Head & Shoulders formation, which is a trend-reversal one and can tilt the mood in a positive direction.
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