BTCUSD Price Action| Trend| Bearish | .618 Fibonacci

٢٣ مايو ٢٠٢١

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.