FX.co ★ BTCUSD Potential For Bullish Rise | 11th January 2023

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. To add support to this bias, price is also within a bullish ascending channel. If this bullish momentum continues, expect the price to possibly continue heading towards the 1st resistance at 17620.00, where the 61.8% Fibonacci line is. In an alternative scenario, price could possibly head back down towards the 1st support at 16330.81, where the recent low and liquidity hotspot are.

Trading Recommendation

Entry: 17700.00

Reason for Entry: Buy stop entry slightly above where 1st resistance line is

Take Profit:18373.00

Reason for Take Profit: 2nd resistance line

Stop Loss: 17136.00

Reason for Stop Loss:

Recent minor low