Type : Bearish Drop
Resistance : 20695
Pivot: 19390
Support : 18495
Preferred Case: On the H4, with price breaking out of an ascending channel and moving below an ichimoku indicator, we have a bearish bias that price will drop to pivot at 19390 where the swing low support and 127.2% fibonacci extension are. Should price break pivot structure, we would expect bearish momentum to carry price to 1st support at 18495 where the swing low support, -61.8% fibonacci expansion and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 20695 where the pullback resistance, 100% fibonacci projection and 23.6% 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 : 20695
Pivot: 19390
Support : 18495
Preferred Case: On the H4, with price breaking out of an ascending channel and moving below an ichimoku indicator, we have a bearish bias that price will drop to pivot at 19390 where the swing low support and 127.2% fibonacci extension are. Should price break pivot structure, we would expect bearish momentum to carry price to 1st support at 18495 where the swing low support, -61.8% fibonacci expansion and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 20695 where the pullback resistance, 100% fibonacci projection and 23.6% 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.