FX.co ★ BTCUSD Potential For Bullish Rise | 13th 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 has also broken above a bullish ascending channel. If this bullish momentum continues, expect the price to possibly continue heading towards the 1st resistance at 20068.00, where the 78.6% Fibonacci line is. In an alternative scenario, price could possibly head back down to retest the 1st support at 18150.00, where the previous high is..

Trading Recommendation

Entry: 18150.00

Reason for Entry: Retest 1st support

Take Profit:20068.00

Reason for Take Profit: 1st resistance

Stop Loss: 16446.00

Reason for Stop Loss:

2nd support