Type: Bullish RiseKey Levels:Resistance: 21175Pivot: 20650Support: 20135Preferred Case:On the H4, with price moving above the ichimoku cloud and within the ascending channel , we have a bullish bias that price will rise to the pivot at 20650 in line with the swing high resistance and 61.8% fibonacci projection . Once we have upside confirmation that price has broken past pivot , we would expect bullish momentum to carry price to the 1st resistance at 21175 where the swing high resistance, 100% fibonacci projection and -27.2% fibonacci expansion are.Alternative Scenario:Alternatively, price may drop to the 1st support level at 20135 in line with the swing low support, 61.8% fibonacci projection and 61.8% fibonacci retracement .Fundamentals:The on-chain activity dropped by 13 per cent in early July from November’s highs – levels last seen in the bear phases of 2018 and 2019, when Bitcoin was worth less than US$10,000, giving us a bearish view on bitcoin .
Source: Tickmill
