Type: Bearish Reversal
Key Levels: Resistance: 39108.24, Pivot: 38223.21 and Support: 35482.49
Preferred Case: Bitcoin is abiding to the descending channel, signifying an overall bearish momentum.
We can expect the price to make a small retracement to pivot level in line with horizontal resistance and drop to 1st Support in line with 61.8% Fibonacci retracement and 100% Fibonacci projection.
Our bearish bias is further supported by rsi dropping at the resistance level.
Alternative Scenario: Alternatively, the price could push further up towards 1st Resistance in line with the 61.8% Fibonacci projection.
