Bitcoin In A Descending Channel, Could Head Lower
Tickmill | Nov 25, 2021 02:01AM ET
Type: Bearish Breakout
Key Levels: Resistance: $59,523.66, pivot: $57,443.12 and support: $53,471.18
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, the price could push up to 1st resistance in line 38.2% Fibonacci retracement and 100% Fibonacci projection.
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