Type: Bullish breakout
Key levels: resistance: $ 53,447.13, Pivot: $ 51,516.62, and Support: $ 49,368.58
Preferred case: reacts in an ascending channel, suggesting bullish momentum. However, the price is currently facing resistance. We can expect the price of the 1st resistance to be in line with the 127.2% Fibonacci-Projection and 127.2% Fibonacci expansion falling towards the first support in line with the 38.2% Fibonacci retracement.
Our short-term bearish bias is supported by the stochastic indicator where the line is at the resistance level.
Alternative scenario: Alternatively, in line with the 161.8% Fibonacci forecast and 161.8% Fibonacci retracement, the price could rise to the first resistance.
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Source: Crypto News Deutsch