Type: Bearish reversal
Key Levels: Resistance: $50,648.85, pivot: $48,988.55 and support: $45,667.94
Preferred Case:Bitcoin is abiding by descending channel, signifying to overall bearish momentum. We can expect the price to drop from the pivot in line with 127.2% Fibonacci projection, 50% Fibonacci retracement,127.2% Fibonacci extension, and previous swing high towards 1st support in line with 127.2% Fibonacci projection and horizontal support.
Our bearish bias is further supported by the stochastic indicator where the line is at the resistance level.
Alternative Scenario: Alternatively, the price could break out of the descending channel resistance and push to the 1st resistance in line with 78.6% Fibonacci retracement and 161.8% Fibonacci projection.