Type: Bearish reversal
Key levels: resistance: $ 49,121.95, Pivot: $ 47,619.94, Support: $ 45,700.72
Preferred case: is on a descending channel, suggesting an overall bearish trend. We can expect the price to drop from the pivot level in accordance with the 61.8% Fibonacci-Projection falls towards the first support in line with the 61.8% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the line follows the decreasing trendline resistance.
Alternative scenario: Alternatively could Bitcoin rise in line with the previous swing high and Fibonacci forecast of 127.2% through the first resistance.
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Source: Crypto News Deutsch