"Bitcoin buyers made a nice push to $94,000 resistance again last week, but the price promptly sold off again from this level to close the week out at $90,891. Sunday's close gave us a doji candle, indicating indecision and a potential reversal back in the bears' favor. The bulls are once again looking lethargic as they lack the follow-through necessary to overtake resistance."
"$84,000 still sits as strong support below here, but will weaken with any further pressure. If the bears can manage to break this support, the price is sure to accelerate down to the low $70,000 area, with a close below $68,000 required to lose this support level. Below this zone, bulls will look to gain some sort of strength off the 0.618 Fibonacci retracement at $58,000."
"Bears will look to defend the $91,400 level as resistance over the short term here. The resistance at $94,000 has done its job so far, but it will be under heavy pressure if bulls can muster the strength to get the price back up there. Above $94,000, there is a resistance zone that stretches from $98,000 up to $103,500. Above here, we have another resistance zone from $106,000 up to $109,000 at the 0.618 Fibonacci retracement from the drop from the top down to $80,000."
Bitcoin pushed to $94,000 resistance and sold off to close at $90,891, producing a doji that signals indecision and a possible bearish reversal. Bulls lack follow-through and appear lethargic, leaving bears in control. Key support sits at $87,000 and then $84,000, with a break risking acceleration down to the low $70,000 area and a decisive loss below $68,000. Bulls may find strength near the 0.618 Fibonacci retracement at $58,000. Short-term resistance sits at $91,400 and $94,000, with further resistance zones up to $103,500 and $109,000. Expect bears to test $87,000 early in the week.
Read at Bitcoin Magazine
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