Bitcoin: Bearish Continuation

 | Nov 24, 2021 03:24AM ET

Type: Bearish Reversal

Key Levels: Resistance: 59592.96, pivot: 57423.48, and support: 53542.94

Preferred Case: Bitcoin is abiding by the descending channel, signifying a bearish momentum. We can expect the price to drop from the pivot level in line with 38.2% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci projection.

Alternative Scenario: Alternatively, price to push up to 1st Resistance in line 38.2% Fibonacci retracement and 78.6% Fibonacci projection.

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