BTC/USDT (17k Dollars Potential Support Area)

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-BTC encountered resistance just above the Reverse Fibonacci Level 3 resistance area
-Price retraced to reverse Fibonacci level 2 and potentially act as an initial support zone
-If BTC goes down again and confirms another bounce reaction
-This will give us a strong bias that 17.3k is our potential key support in this uptrend.
-I expect Bitcoin to consolidate above the $ 17k area for the next few days
-I hope Altcoins start to rally once BTC starts to cool off from its upward parabolic move
-Don’t use High Leverage when the market is too volatile
-Expand to a higher time frame and search for possible swing positions
-Sitting in cash is also a position if you are expecting a good quality trade

About the author

Nafees Saifi // entrepreneur, author, trainer, and stocks and FX trader. 
Nafees Saifi is a professional FX trader from, India. Nafees has extensive experience trading commodities, bonds, and equity futures in the Asian, European, and US markets. Nafees holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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