BTCUSD,H4 | Bearish Continuation

30542 btcusdh4 bearish continuation

Type: Bearish ReversalKey Levels:Resistance: 41443.73Pivot: 40593.22Support: 38960.24Preferred Case:Price is abiding to the descending channel, signifying an overall bearish momentum. We can expect price to retrace a little to the pivot level in line with 23.6% Fibonacci retracement towards 1st Support in line with 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud acting as a resistance.Alternative Scenario:Alternatively, price could push higher to 1st resistance in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. (edited)

Source: Tickmill

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