Bitcoin reversing nicely, watch for break of ascending support!

5 Jan 2018

Bitcoin is testing major resistance at 15194 (61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal swing high resistance, bearish divergence) and we can see that there is a strong ascending trend line support that is squeezing recent price action. A break is likely to occur soon and we would increase our conviction of a potential drop if price closes strongly below our ascending support line. Next major level of support is at 12915 (Fibonacci retracement, horizontal swing low support).

RSI (34) has made a bearish exit signaling as a precursor to the potential drop on Bitcoin.

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