FX.co ★ BTCUSD Potential For Bearish Drop to overlap support

Description :

Looking at the H4 chart, my overall bias for BTCUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a pullback sell entry at 22662.00, where the overlap resistance is. Stop loss will be at 23439.00, where the recent high is. Take profit will be at 21310.00, where the overlap support is.

Trading Recommendation

Entry: 22662.00

Reason for Entry: Immediate buy entry to ride the bearish momentum with price respecting the intermediary support level at 61.99

Take Profit: 21310.00

Reason for Take Profit: Overlap support

Stop Loss: 23439.00

Reason for Stop Loss:

Recent high