FX.co ★ BTCUSD Potential For Bullish Rise | 16th 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. If this bullish momentum continues, expect the price to possibly break the 1st resistance at 21438.45, where the previous swing high is, before heading towards the 2nd resistance at 22668.57, where the 61.8% Fibonacci line is. In an alternative scenario, price could possibly head back down to retest the 1st support at 20039.56, where the 78.6% Fibonacci line is.

Trading Recommendation

Entry: 20039.56

Reason for Entry: Retest 1st support

Take Profit:22668.57

Reason for Take Profit: 2nd resistance

Stop Loss: 18320.45

Reason for Stop Loss:

2nd support line