Type: Bullish bounce
Key Levels: Resistance: $51,911.11, pivot: $45,664.01 and support: $44,018.65
Preferred Case: Bitcoin broke out of the descending trendline resistance, signifying a potential bullish momentum.
We can expect price to bounce up from the pivot level in line with graphical overlap support, 161.8% Fibonacci extension, 61.8% retracement, and 161.8% projection towards 1st resistance in line with previous swing high 161.8% Fibonacci projection level.
Our bullish bias is further supported by the stochastic indicator where the line is at the support level.
Alternative Scenario: Alternatively, price could push down to the 1st support level in line with the horizontal support level.
