FX.co ★ BTCUSD Potential For Bearish Drop | 27th December 2022

Looking at the H4 chart, my overall bias for BTCUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the 1st support at 15632.00, where the previous swing low is. In an alternative scenario, price could possibly head up towards the 1st resistance at 17297.00, where the 38.2% Fibonacci line is.

Trading Recommendation

Entry: 17297.00

Reason for Entry: Retest 1st resistance line

Take Profit:15632.00

Reason for Take Profit: Previous swing low

Stop Loss: 18373.00

Reason for Stop Loss:

Recent swing high