Bitcoin reversing nicely, watch for further bearish action!
Bitcoin has started to drop really nicely from our major resistance at 11962 (ABC Fibonacci extension, 61.8% Fibonacci extension, horizontal swing high resistance) and a further drop could occur to push price down all the way to 9470 support (Fibonacci extension, horizontal swing low support). It is important to watch the key ascending support which could result in a temporary corrective bounce.
Stochastic (89,5,3) is reversing nicely and has broken our ascending support-turned-resistance line triggering a bearish exit.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is reversing nicely and has broken our ascending support-turned-resistance line triggering a bearish exit.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results