Bitcoin reversing nicely, watch for further bearish action!

Bitcoin has started to drop really nicely from our major resistance at 11962 (ABC Fibonacci extension, 61.8% Fibonacci extension, horizontal swing high resistance) and a further drop could occur to push price down all the way to 9470 support (Fibonacci extension, horizontal swing low support). It is important to watch the key ascending support which could result in a temporary corrective bounce.

Stochastic (89,5,3) is reversing nicely and has broken our ascending support-turned-resistance line triggering a bearish exit.

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