Type : Bullish Rise
Resistance : 24310
Pivot: 22535
Support : 20730
Preferred Case: On the H4, with prices moving within an ascending channel and bouncing off the ichimoku cloud , we have a bullish bias that price will rise from the pivot at 22535 where the pullback support, 50% fibonacci retracement , 61.8% fibonacci projection and 61.8% fibonacci projection are to the 1st resistance at 24310 where the swing high resistance and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 20730 where the swing low support and 100% fibonacci projection are.
Fundamentals: Due to the looming recession amid tightening monetary policy globally, we have a bearish view on the Bitcoin . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 24310
Pivot: 22535
Support : 20730
Preferred Case: On the H4, with prices moving within an ascending channel and bouncing off the ichimoku cloud , we have a bullish bias that price will rise from the pivot at 22535 where the pullback support, 50% fibonacci retracement , 61.8% fibonacci projection and 61.8% fibonacci projection are to the 1st resistance at 24310 where the swing high resistance and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 20730 where the swing low support and 100% fibonacci projection are.
Fundamentals: Due to the looming recession amid tightening monetary policy globally, we have a bearish view on the Bitcoin . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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.
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.