On this market watch, we are giving you a head up on a BTC.X.
On the weekly Bitcoin chart, we can see that the instrument is rejected again from the 7000 level and is still testing a possible break below the 6430 level. So far it is unable to break below this level with confirmation for a downside extension into the 4650 level, but the positioning is giving us a high probability trade entry.
We have used the top-down trading analysis to get to this trade entry and a daily price action is offering us a good risk to reward. You can sell Bitcoin at the market with the stop loss above 6850 level targeting 4450 level.
Happy trading! (click on the chart to enlarge it)
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Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position Risk Free. We are publishing 5-10 trade alerts per week via real-time Private twitter feed!