Bitcoin reversing nicely, watch for the break of ascending support!
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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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.