Bitcoin (BTCUSD) coming under pressure in the coming sessions

Bitcoin (BTCUSD) coming under pressure in the coming sessions

Bitcoin / U.S. dollar BITSTAMP:BTCUSD


The test above the 11461.50 Fibonacci retracement has given way to consolidation.
Daily stochastics are negative and the proprietary Tension Indicator is close to generating a bearish signal, suggesting increased downside risks in the coming sessions.
A close below the 11200 pivot will add weight to sentiment and open up deeper reactions towards the 11003.37 Fibonacci retracement .
Further slippage towards the 10778.39 retracement cannot be ruled out, before mixed weekly charts prompt fresh consolidation.

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