Bitcoin is looking bearish until prices stay below $69000 high registered on November 10. The crypto has print $62300 lows thereafter, before pulling back towards $66300 mark. Bears might be preparing for yet another leg lower through $58000 at least and up to $52000 level respectively. A break below $56000 will confirm bears are back in control and accelerate lower through $52000 levels.
Bitcoin might be working upon its recent upswing between $40000 and $69000. A drop through the Fibonacci 0.618 retracement toward $49000-50000 zone remains possible before the rally could resume. Also note the channel line support passing through $49000-50000 zone, which will provide the necessary bounce.
On the flip side, a break below the channel support and subsequently $40000 initial support will confirm a potential strand reversal and that bears could be back in control going forward. Watch out for a bearish reversal signal around current levels either today or tomorrow.
Potential drop towards $58000 and $52000 against $70000.
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