Bitcoin cryptocurrency can be expected to fall to the next support level 62500.00 (which has stopped earlier waves a, b).
- Bitcoin reversed from resistance zone
- Likely to fall to support level 62500.00
Bitcoin cryptocurrency recently reversed down from the resistance zone set between the pivotal resistance level 85.00 (former strong support from March and February, as can be seen from the daily Bitcoin chart below), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from May. The downward reversal from this resistance zone started the active minor impulse wave i.
Given the strength of the resistance level 85.00, overbought daily Stochastic and the strong daily downtrend, Bitcoin cryptocurrency can be expected to fall to the next support level 62500.00 (which has stopped earlier waves a, b).