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Bitcoin made a high just below $53,000 and is now turning lower. In our last analysis we warned that there is a bearish scenario looking for a major reversal from current levels around $52,000 that could bring price towards $29,000 and lower. Although it is too early to call a major top, traders have to pay attention to the key resistance just above.
Blue lines - bullish channel
Green lines - Fibonacci retracements
As we mentioned in yesterday's analysis, Bitcoin is trading at a major Fibonacci retracement level where we usually see trend reversals. The 61.8% Fibonacci level is a key resistance. Price was expected to reach $52,000 and reverse. The reversal is under way and fully justified. Price has support at $47,000. I expect this level to be tested. Breaking below it will be a bearish sign. In the Daily chart of Bitcoin we also have a warning signal by the RSI as it has produced a bearish divergence. There are signs that the bullish trend is weakening. However there is no confirmation of a major top yet.
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