{x} | Trading.live

It’s been everything but green for the top 1 cryptocurrency. As of the moment, bitcoin has dipped 40% away from its all-time-high. If some of you guys remember, in my previous analysis, I’ve mentioned BTCUSD falling even lower following increased interest in safer assets and investment instruments.

As an update to this outlook, I am further extending the downsite target to $33,000 as price has finally confirmed that they are willing to protect previous lower high through the bearish impulse created from the past 2 months.

But how do we exactly trade this?

Considering that price has already impulsed a significant amount, I will be plotting my fibonacci retracement tool on the 4 hour chart for a more reliable psychological backing. 

Whilst using the 1 hour minor structures as a basis for trading points in riding a bearish momentum market. My rules of engagement for this trade is that I will be waiting for price to respect the resistance plotted through the white box and wait for price to break and retest support.