Type : Bearish Drop
Resistance : 22420
Pivot: 20785
Intermediate Support: 19400
Support : 18610
Preferred Case: On the H4, with price moving below an ichimoku indicator, we have a bearish bias that price will drop from pivot at 20785 where the pullback resistance, 100% fibonacci projection and 23.6% fibonacci retracement are to the 1st support at 18610 where the swing low support, 78.6% fibonacci projection and -61.8% fibonacci expansion are. Take note of intermediate support at 19400 where the swing low support is.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 22420 where the overlap resistance, 100% fibonacci projection and 50% fibonacci retracement are.
Fundamentals: After Fed Chair Powell reiterated that the Fed will tighten policy to bring down inflation , we have a bearish view on Bitcoin .
Resistance : 22420
Pivot: 20785
Intermediate Support: 19400
Support : 18610
Preferred Case: On the H4, with price moving below an ichimoku indicator, we have a bearish bias that price will drop from pivot at 20785 where the pullback resistance, 100% fibonacci projection and 23.6% fibonacci retracement are to the 1st support at 18610 where the swing low support, 78.6% fibonacci projection and -61.8% fibonacci expansion are. Take note of intermediate support at 19400 where the swing low support is.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 22420 where the overlap resistance, 100% fibonacci projection and 50% fibonacci retracement are.
Fundamentals: After Fed Chair Powell reiterated that the Fed will tighten policy to bring down inflation , we have a bearish view on Bitcoin .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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