BTCUSD, H4 | Potential Bullish Continuation

44560 btcusd h4 potential bullish continuation

Type:

Bullish Breakout

Key Levels:

Resistance: 26097.86

Pivot: 24267.52

Support: 22482.7

Preferred Case:

On the H4, with price moving within a bullish channel and above the ichimoku indicator, we have a bullish bias that price might rise to our pivot at 24267.52 where the pullback resistance is. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 26097.86 where the 161.8% fibonacci extension and 100% fibonacci projection are.

Alternative Scenario:

Alternatively, price could drop to 1st support at 22482.7 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% and 68% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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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