More Weakness In The Offing For Bitcoin
Tickmill | Jan 13, 2022 02:53AM ET
Type: Bearish reversal
Key Levels: Resistance: $45,514.76, pivot: $43,995.2 and support: $40,641.22
Preferred Case: Bitcoin is abiding to the descending trendline resistance, signifying an overall bearish momentum.
We can expect price to drop from pivot level in line with 38.2% Fibonacci retracement towards the 1st support in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection.
Our bearish bias is further supported by Ichimoku acting as a resistance.
Alternative Scenario: Alternatively, price could push higher to the 1st resistance in line with 50% Fibonacci retracement.
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