BTCUSD might have further downside beyond pivot which is in line with horizontal swing low support, 61.8% Fibonacci extension, and 50% Fibonacci retracement. Prices might push down towards 161.8% Fibonacci extension and 127.2% Fibonacci retracement. EMA is also above prices, showing a bearish pressure for prices. If prices bounce from the pivot, prices are likely to face resistance from horizontal swing high resistance in line with 50% Fibonacci retracement and 61.8% Fibonacci extension.
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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.