Type:
Bullish Rise
Key Levels:
Resistance: 24310
Pivot: 22535
Support: 20730
Preferred Case:
On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 22535 where the pullback support, 50% fibonacci retracement 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.
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Written by Desmond Leong
Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.
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