Type: Bearish reversal
Key levels: resistance: $ 50,648.85, Pivot: $ 48,988.55, and Support: $ 45,667.94
Preferred case: remains in the descending channel, indicating overall bearish momentum. We can expect the price of the pivot to be in accordance with the 127.2% Fibonacci-Projection, 50% Fibonacci retracement, 127.2% Fibonacci expansion and the previous swing high to fall to 1st support in line with 127.2% Fibonacci projection and horizontal support.
Our bearish bias is further supported by the stochastic indicator where the line is at the resistance level.
Alternative scenario: Alternatively, price could break out of declining channel resistance and advance to the first resistance in line with 78.6% Fibonacci retracement and 161.8% Fibonacci projection.
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Source: Crypto News Deutsch