BTCUSD 3H Chart - Correction to $3,295

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
There's a cluster of resistance at $3,564:

  • Supply line (red line)
  • EMA-50
  • Fib line 23.6%

The price had already bounced off of the resistance and is headed downward.

The interesting part is the weak volume on which the price had been climbing for the past 3 candles. This indicates bullish divergence as the volume bars are way below average.

I would recommend shorting BTCUSD @ $3,550 with a SL @ $3,615 to target $3,295 that yields R:R of 3.92 and 7.2% profit for intraday traders.

SL to be adjusted to $3,425 once the price goes below $3,350.