It seems that Bitcoin will continue its decline toward its nearest support level today

[Ben Graham]

[Bitcoin]

With the technical conditions indicating weakness in Bitcoin, then the potential for a decline which will occur in the near term is quite significant.

Key Levels

1. Resistance. 2 : 91545.30

2. Resistance. 1 : 88568.39

3. Pivot : 86518.22

4. Support. 1 : 83559.31

5. Support. 2 : 81491.14

Tactical Scenario:

Pressure Zone: If the price of Bitcoin breaks down below 86,518.22, it may continue its decline to 83,559.31.

Momentum Extension Bias: If 83,559.31 is broken, there is a possibility that Bitcoin will continue to decline to 81,491.14.

Invalidation Level / Bias Revision:

The downside bias is restrained if the price of Bitcoin strengthens and breaks above 91,545.30.

Technical Summary:

EMA(50) : 86363.09

EMA(200): 87282.03

RSI(14) : 59.70

Economic News Release Agenda:

Tonight from the United States, several economic data releases will be as follows:

US - Existing Home Sales - 22:00 WIB

US - Revised UoM Consumer Sentiment - 22:00 WIB

US - Revised UoM Inflation Expectations - 22:00 WIB

The material has been provided by InstaForex Company - www.instaforex.com