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Bitcoin Price Forecast: Faces Resistance, Potential Bearish Reversal
Bitcoin rallied to 71,583 on Tuesday thereby hitting a target for a rising ABCD pattern that could lead to weakness. In addition, a 78.6% Fibonacci retracement also completed around that price area at 71,040. Together, these two Fibonacci levels could mark resistance from the bounce that sees Bitcoin head down again. If so, a test of the recent retracement low of 60,771 is possible and probably lower prices as well. In addition, it might mark a second high for a potential double top pattern. Nevertheless, a drop below today’s low of 69,270 is needed for the first sign of weakness on the daily chart. chart From ... (full story)