A fresh supply which created on the 20/08 has succeeded to breakout the demand from 19/08.
This situation turns back the BTC/USD price into the bearish momentum.
In our previous post on BTC/USD, we marked this demand as a great level for buy position.
The fact that the fresh supply breakout this powerful demand indicates the determination of the sellers.
For now, there is two fresh supply above and each one of them is a potential level for sell position.
Each one of them also has a great confluence with Fibonacci retracement levels.
We can see this confluence in the H2 time frame chart.
That confluence creates a reliable setup for sell position.
If the price reaches supply 1 which is also 38.2% Fibonacci level I’ll sell there and the stop loss will be just above the supply level marked in red.
In case the price will breakout the supply 1 and hit the stop loss we can sell again at supply 2 which also 61.8% Fibonacci level.
Each one of these supply has a great Risk Reward potential.
In both cases, the first target will be the support below which we can see in the H4 chart.
And the final target will the demand at the bottom which also can see in the H4 chart.
The demand at the bottom can be also a great level for open buy position on BTC/USD.
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