Bitcoin Gathers Bearish Momentum
Tickmill | Jan 21, 2022 04:17AM ET
Type: Bearish Reversal
Key Levels: Resistance: $41443.73, Pivot: $40593.22 and Support: $38960.24
Preferred Case:Bitcoin is abiding by the descending channel, signifying an overall bearish momentum.
We can expect the price to retrace a little to the pivot level in line with 23.6% Fibonacci retracement towards 1st Support in line with 127.2% Fibonacci projection.
Our bearish bias is further supported by the Ichimoku cloud acting as a resistance.
Alternative Scenario: Alternatively, the price could push higher to 1st resistance in line with 50% Fibonacci retracement and 78.6% Fibonacci projection.
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