#BTCUSD #XBTUSD looking for 7200s for a short-term bounce
which would provide a nice entry for a play at breaking out of the falling wedge. Great risk/reward levels here for a swing (~6900 SL, ~7200 entry, ~8800 target, around 1:5) ~7200s also a fibonacci support level, though a relatively weak one. However, there is significant resistance around 9000, where not only has support failed in the past but the 50- and 200-day moving averages sit out where the 50 is waiting to cross the 200 to the downside, signaling another bearish signal. This setup should resolve soon, else we may end up just chopping and forming a new sideways channel here in the 8000s.
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Always keep in mind the overall trend here.
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Well, we've landed Houston. Let's see if there's enough fuel for Mars.
