Bitcoin – bears tighten grip, adding to developing reversal signal

BTCUSD is trading near one-month low in early Friday, holding in red for the fourth consecutive day and on track for the second weekly loss.

Initial signals of formation of reversal pattern on larger timeframe (weekly) on a series of lower tops and lower lows from record high (73839) is evident, though still looking for confirmation.

Fresh bears pressure pivotal double-Fibo supports at 54969/54850 (61.8% of 48738/65050 and 38.2% of 24129/73839 upleg) break of which risk deeper drop and test of July low (53142), guarding psychological 50K level and Aug 5 spike low at 48738.

Strengthening negative momentum and multiple MA bear-crosses on daily chart, reinforce bearish outlook.

Corrective upticks should be capped by falling 10DMA (58220), guarding upper pivot at 60000 (psychological, reinforced by 20DMA), violation of which would sideline bears.

Res: 56894; 57800; 58220; 59814
Sup: 54969; 54850; 53904; 52587