Bitcoin Gathers Bearish Momentum

Type: Bearish Reversal Key Levels: Resistance: $41443.73, Pivot: $40593.22 and Support: $38960.24Preferred Case: is abiding by the descending channel, signifying an overall bearish momentum. We can expect the price to retrace a little to the pivot level in line with 23.6% Fibonacci retracement towards 1st Support in line with 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud acting as a resistance. Alternative Scenario: Alternatively, the price could push higher to 1st resistance in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Bitcoin 4-hour chart. Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Bitcoin Gathers Bearish Momentum

Type: Bearish Reversal

Key Levels: Resistance: $41443.73, Pivot: $40593.22 and Support: $38960.24

Preferred Case: is abiding by the descending channel, signifying an overall bearish momentum.

We can expect the price to retrace a little to the pivot level in line with 23.6% Fibonacci retracement towards 1st Support in line with 127.2% Fibonacci projection.

Our bearish bias is further supported by the Ichimoku cloud acting as a resistance.

Alternative Scenario: Alternatively, the price could push higher to 1st resistance in line with 50% Fibonacci retracement and 78.6% Fibonacci projection.

Bitcoin 4-hour chart.

Bitcoin 4-hour chart.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.