BTCUSD pulling back to ascending trendline support! Drop incoming

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BTCUSD reacting below recent swing high resistance. Stochastic is also reacting below resistance where price reacted in the past. A short term drop below 1st resistance at 59502 towards 1st support at 57534 could be possible.

Trading Recommendation

Entry: 59502

Reason for Entry:

Graphical swing high resistance

Take Profit: 57534

Reason for Take Profit:

50% Fibonacci retracement, ascending trendline support.

Stop Loss: 60907

Reason for Stop Loss:

-27.2% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

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