BTCUSD is approaching horizontal overlap support level in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension. Beyond support level, prices might continue to push down towards horizontal swing low support in line with 127.2% Fibonacci extension and 161.8% Fibonacci retracement. EMA is also above prices, showing a bearish pressure for prices. If prices bounces from the support level, prices might push up towards horizontal overlap resistance in line with 50% Fibonacci retracement and 50% 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.