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BTCUSD,H4 | Bearish Continuation

29865 btcusdh4 bearish continuation

Type: Bearish ReversalKey Levels:Resistance: 45514.76Pivot: 43995.2Support: 40641.22Preferred Case:Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. We can expect price to drop from pivot level in line with 38.2% Fibonacci retracement towards the 1st Support in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is further supported by Ichimoku acting as a resistance.Alternative Scenario:Alternatively, price could push higher to the 1st Resistance in line with 50% Fibonacci retracement.

Source: Tickmill

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