Evening Traders,
Today’s analysis- BTCUSD – trading at a critical level where a bearish cross is imminent,
Points to consider,
- Price Action Impulsive
- 200 MA Resistance
- .618 Fibonacci Objective
BTCUSD’s immediate price action is impulsive, trading below its 200 MA resistance, a bearish sign.
A reversion to the .618 Fibonacci is likely where macro support lies, this being the immediate objective.
Failure to reclaim the 200 MA will greatly increase the probability of a trend continuation to the downside
Overall, in my opinion, BTCUSD is a a valid short with defined risk price action is to be used upon discretion/ management.