FX.co ★ BTCUSD Potential For Bullish Momentum | 28th September 2022

On the H4, price has pulled back to test the first support at 18546.84 where my previous swing low sits. If price breaks this level, bearish momentum would bring price to test the 17648.80 levels where the previous swing low sits. Alternatively price could pull back to test the first resistance at 20591.92 where the 50% retracement and 61.8% projection sits. If it breaks this level, it should move to the second resistance at 22654.87 where the 100% projection and 61.8% retracement sits.

Trading Recommendation

Entry: 18546.84

Reason for Entry: Pullback buy entry at the previous swing low

Take Profit: 20591.92

Reason for Take Profit: 50% Fibonacci retracement and 61.8% projection

Stop Loss: 17559.86

Reason for Stop Loss:

Previous swing low