Type:
Bullish Rise
Key Levels:
Resistance: 27225
Pivot: 24315
Support: 22495
Preferred Case:
On the H4, with price moving above the ichimoku indicator and within an ascending channel , we have a bullish bias that price will rise to the pivot at 24315 where the overlap resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 27225 where the 61.8% fibonacci retracement , -61.8% fibonacci expansion and 161.8% fibonacci extension are.
Alternative Scenario:
Alternatively, price could break drop to 1st support at 22495 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals:
Due to the weakening chinese economy, we have a bearish view on Bitcoin . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
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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.