BTCUSD, H4 | Bullish Momentum

32595 btcusd h4 bullish momentum

Type: Bullish BounceKey Levels:Resistance: 45638.02Pivot: 41318.43Support: 39787.44Preferred Case:Price broke out of the descending trendline resistance, signifying an overall bullish momentum. We can expect price to bounce from pivot level in line with 38.2% Fibonacci retracement towards 1st Resistance in line with 78.6% Fibonacci projection. Our bullish bias is further supported by the Ichimoku cloud indicator where it is acting as a support.Alternative Scenario:Alternatively, price could push further down to the 1st Support in line with 50% Fibonacci retracement.

Source: Tickmill

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