Bitcoin Facing Profit-Taking

Bitcoin prices fell significantly due to its exposure to strong profit-taking, after a series of record gains approaching $60,000.

Technically, we are biased towards negativity due to the obvious negativity of Stochastic, in addition to the negativity of the simple moving averages. We await confirmation of breaching 48,350 support, targeting 47,335, and then 46,320.

Trading again above 50,570 increases the possibility of a re-test of 50,750.

Note: Risk level is high and all scenarios are on the table.

S1: 48530	R1: 50750
S2: 47335	R2: 51770
S3: 46315	R3: 52970