Title BTCUSD facing bearish pressure
Type : Bearish Breakout
Preference:
Price broke out downwards from the ascending channel showinga significant bearish pressure. We are expecting price to push down even further to the 1st Support level in line with 61.8% Fibonacci retracement level. Our bearish bias is further supported by the price holding below the 50period MA and the MACD indicator showing the signal line cross above the MACD line.
Alternative Scenario:
Alternatively, Price Might Reverse From Pivot Level To 1st Resistance In Line With The 23.6% Fibonacci Retracement To Retest The Channel Resistance
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.