• Bitcoin reversed from the resistance area
• Likely to fall to support level 35000.00.
Bitcoin cryptocurrency recently reversed down from the resistance area lying between the pivotal resistance level 40590.00 (top of wave (a) from May), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of May. The downward reversal from this resistance area stopped the previous impulse wave (i) with the daily Shooting Star Doji.
Given worsening of risk sentiment as seen across the cryptocurrency markets today on hawkish comments from USA Federal Reserve – Bitcoin can be expected to fall further toward the next support level 35000.00 – as more investors exit for the dollars.