FX.co ★ BTCUSDT Potential For Bearish Continuation | 25th July 2022

On the H4, with price breaking the bullish trendline, we have a bearish bias that price may drop from our 1st support at 21639.42, which is in line with the overlap resistance and 50% fibonacci retracement to 2nd support at 20794.61 where is in line with the 61.8% fibonacci retracement. Alternatively, the price may rise to 1st resistance at 23090.36, which is in line with swing high.

Trading Recommendation

Entry: 21639.42

Reason for Entry:Overlap resistance and 50% fibonacci retracement

Take Profit: 20794.61

Reason for Take Profit: 61.8% fibonacci retracement

Stop Loss: 23090.36

Reason for Stop Loss:

Swing high