Type : Bearish Drop
Resistance : 22420
Pivot: 20785
Intermediate Support: 19400
Support : 18610
Preferred Case: On the H4, with price moving below an ichimoku indicator, we have a bearish bias that price will drop from pivot at 20785 where the pullback resistance, 100% fibonacci projection and 23.6% fibonacci retracement are to the 1st support at 18610 where the swing low support, 78.6% fibonacci projection and -61.8% fibonacci expansion are. Take note of intermediate support at 19400 where the swing low support is.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 22420 where the overlap resistance, 100% fibonacci projection and 50% fibonacci retracement are.
Fundamentals: After Fed Chair Powell reiterated that the Fed will tighten policy to bring down inflation , we have a bearish view on Bitcoin .
Resistance : 22420
Pivot: 20785
Intermediate Support: 19400
Support : 18610
Preferred Case: On the H4, with price moving below an ichimoku indicator, we have a bearish bias that price will drop from pivot at 20785 where the pullback resistance, 100% fibonacci projection and 23.6% fibonacci retracement are to the 1st support at 18610 where the swing low support, 78.6% fibonacci projection and -61.8% fibonacci expansion are. Take note of intermediate support at 19400 where the swing low support is.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 22420 where the overlap resistance, 100% fibonacci projection and 50% fibonacci retracement are.
Fundamentals: After Fed Chair Powell reiterated that the Fed will tighten policy to bring down inflation , we have a bearish view on Bitcoin .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.