Type: Bearish reversal
Key levels: resistance: $ 50,435.42, Pivot: $ 49,046.66, Support: $ 45,570.23
Preferred case: is trading in a descending channel, indicating 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, in line with the previous swing high and Fibonacci forecast, the price could rise 127.2% until the first resistance.
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Source: Crypto News Deutsch