Title:

BTCUSD facing bearish pressure

Type:

Bearish breakout

Preference:

Price is expected to push down from the pivot point ( in line with the 38.2% Fibonacci retracement) to the 1st support level in line with the ascending channel resistance and the 61.8% Fibonacci retracement. Our bearish bias is further supported by the price holding below the 50 period moving average and the Ichimoku cloud indicator.

Alternate scenario:

Alternatively, price can push up to the 1st resistance in line with the 23.6% Fibonacci retracement level.