FX.co ★ BTCUSD Potential For Bullish Rise | 9th December 2022

Looking at the H4 chart, my overall bias for BTCUSD is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market. Expecting price to possibly break the 1st resistance at 17297.00, where the 23.6% Fibonacci line is before heading towards the 2nd resistance line at 18173.33, where the previous swing low is and 50% Fibonacci line are. In an alternative scenario, price could possibly head back down towards the 1st support at 15632.00, where the previous swing low is.

Trading Recommendation

Entry: 17297.00

Reason for Entry: 1st resistance line

Take Profit:18595.60

Reason for Take Profit: 2nd resistance line

Stop Loss: 16000

Reason for Stop Loss:

Previous swing low