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BTCUSD, H4 | Short-term Bullish Bounce

29140 btcusd h4 short term bullish bounce

Type: Bullish BounceKey Levels:Resistance: 45642.73Pivot: 40746.54Support: 38717.78Preferred Case:Prices are on strong bearish momentum and abiding to our daily descending trendline. We see the potential for a dip from our Pivot at 44122.38 when it retests in line with 23.6% Fibonacci retracement and 127.2% Fibonacci extension towards our 1st support at 41839.61 in line with 161.8% Fibonacci Projection. Our bearish bias is further supported by Ichimoku clouds forecasting strong bearish momentum.Alternative Scenario:Alternatively, prices may climb towards our 1st resistance at 45617.99 in line with 100% Fibonacci retracement.

Source: Tickmill

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