FX.co ★ BTCUSD Potential For Bearish Drop to previous swing low

Description :

Looking at the H4 chart, my overall bias for BTCUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a possible shift to bearish market structure. Looking for a sell entry at 23815.00 where the 38.2% Fibonacci line and overlap resistance is. Stop loss will be at 25270.00, where the recent high is. Take profit will be at 21376.00 where the previous swing low was. It's worth noting that there is an intermediate support at 21939.00 which price might struggle to break through.

Trading Recommendation

Entry: 23815.00

Reason for Entry: 38.2% Fibonacci line and overlap resistance

Take Profit: 21376.00

Reason for Take Profit: Previous swing low

Stop Loss: 25270.00

Reason for Stop Loss:

Recent high