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BTCUSD on a Bearish Continuation
Type: Bearish Reversal Key Levels: Resistance: 45514.76 Pivot: 43995.2 Support: 40641.22 Preferred Case: Price 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.
