FX.co ★ BTCUSD Potential For Bullish Rise | 14th December 2022

Looking at the H4 chart, my overall bias for BTCUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Expecting price to possibly head up towards the 1st resistance 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 17297.00, where the 23.6% Fibonacci line is.

Trading Recommendation

Entry: 17297.00

Reason for Entry: Retest 1st support line

Take Profit:18595.60

Reason for Take Profit: 1st resistance line

Stop Loss: 16891

Reason for Stop Loss:

Previous swing low