Bitcoin Could Continue To Move Lower
Tickmill | Jan 20, 2022 03:23AM ET
Type: Bearish Reversal
Key Levels: Resistance: $43,469.39, pivot: $42,366 and support: $39,791.43
Preferred Case: Bitcoin is abiding by the descending trendline resistance, signifying an overall bearish momentum.
We can expect the price to drop from the pivot level in line with 38.2% Fibonacci retracement and graphical overlap resistance towards 1st Support in line with 61.8% Fibonacci projection, 78.6% Fibonacci retracement, and previous swing low.
Our bearish bias is further supported by the RSI indicator where it is abiding by the descending trendline resistance.
Alternative Scenario: Alternatively, the price could push higher and break the descending trendline resistance and touch 1st Resistance in line with 78.6% Fibonacci retracement.
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