BTCUSD H4 | Potential For A Rise

btcusd-h4-|-potential-for-a-rise

Type: Bullish BounceKey Levels:Resistance: 40857Pivot: 39079Support: 37505Preferred Case:On the H4, with the recent break of the descending channel and Ichimoku cloud to the bullish side, we have a bullish bias that price will rise to our 1st resistance at 40857 where the pullback resistance and 61.8% Fibonacci retracement is from our pivot at 39079 in line with the horizontal pullback support and 38.2% Fibonacci retracement.Alternative Scenario:Alternatively, price may break structure and head for 1st support at 37505 where the horizontal swing low support is.

Source: Tickmill

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