FX.co ★ BTCUSDT, Potential For Bearish Continuation | 19th May 2022

On the H4, with price moving below the Ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 36718 where the horizontal overlap support, 50% Fibonacci retracement and 61.8% Fibonacci projection is to our 1st support at 26718 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 47559 where the horizontal swing high resistance is.

Trading Recommendation

Entry: 36187

Reason for Entry:

Horizontal overlap support, 50% Fibonacci retracement and 61.8% Fibonacci projection

Take Profit: 26718

Reason for Take Profit: Horizontal swing low supportStop Loss: 47559

Reason for Stop Loss:

Horizontal swing high resistance