FX.co ★ BTCUSDT Potential For Bullish Continuation | 20th July 2022

On the H4, with price moving in an ascending trendline and above ichimoku indicator , we have a bullish bias that price will rise from our 1st support at 23584.03 where is in line with the 127.2% fibonacci retracement to the 1st resistance at 24713.74 in line with the -27.2% fibonacci retracement. Alternatively, price may break the support structure at the 1st support and drop to the 2nd support at 22810.14, which is in line with the pullback support and 23.6% fibonacci retracement.

Trading Recommendation

Entry: 23584.03 Reason for Entry:127.2% fibonacci retracementTake Profit: 24713.74

Reason for Take Profit: -27.2% fibonacci retracement

Stop Loss: 22810.14

Reason for Stop Loss:

Pullback support and 23.6% fibonacci retracement