BTCUSD is currently facing bearish pressure for prices. However, prices might take support on pivot which is a confluence of 100% Fibonacci extension and 127.2% Fibonacci retracement. A small bounce might be seen towards pullback resistance in line with 38.2% Fibonacci retracement and 61.8% Fibonacci retracement. Stochastics is also approaching support, potential for a boiucne. If prices continues to push lower, prices might take support form horizontal swing low support in line withb 127.2% FIbonacci extension.
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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.