MICRO BITCOIN FUTURES (MBT1!), H4 Potential For Bullish Rise

44779 micro bitcoin futures mbt1 h4 potential for bullish rise

Type:

Bullish Rise

Key Levels:

Resistance: 24310

Pivot: 22535

Support: 20730

Preferred Case:

On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 22535 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are to the 1st resistance at 24310 where the swing high resistance and 161.8% fibonacci extension are.

Alternative Scenario:

Alternatively, price could break pivot structure and drop to the 1st support at 20730 where the swing low support and 100% fibonacci projection are.

Fundamentals:

Due to the looming recession amid tightening monetary policy globally, we have a bearish view on the Bitcoin . We’ll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% and 68% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Written by Desmond Leong

Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.


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