Type: Bullish jump
Key levels: resistance: $ 50,880.12, Pivot: $ 46,949.92, Support: $ 44,666.16
Preferred case: is currently holding on to declining trendline resistance, suggesting an overall bearish momentum. However, we can expect the price to drop from the pivot level in accordance with the 61.8% Fibonacci-Projection towards the first resistance in accordance with 50% Fibonacci retracement and 100% Fibonacci projection ricochets. Our bullish bias is further supported by the RSI indicator which is showing a bullish divergence.
Alternative scenario: Alternatively, in line with the 78.6% Fibonacci forecast, the price could continue to decline to the 1st support.
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Source: Crypto News Deutsch