MICRO BITCOIN FUTURES (MBT1!), H4 Potential for bullish rise
Type : Bullish Rise
Resistance : 24315
Pivot: 22430
Support : 20705
Preferred Case: On the H4, with price moving within a bullish channel and expected to bounce off the stochastic support, we have a bullish bias that price will rise from our pivot at 22430 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are to the 1st resistance at 24315 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 20705 where the swing low support, -61.8% fibonacci expansion and 100% fibonacci projection are.
Fundamentals: As investors are looking to reduce risk ahead of the CPI report, we have a bearish view on Bitcoin . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 24315
Pivot: 22430
Support : 20705
Preferred Case: On the H4, with price moving within a bullish channel and expected to bounce off the stochastic support, we have a bullish bias that price will rise from our pivot at 22430 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are to the 1st resistance at 24315 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 20705 where the swing low support, -61.8% fibonacci expansion and 100% fibonacci projection are.
Fundamentals: As investors are looking to reduce risk ahead of the CPI report, we have a bearish view on Bitcoin . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
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