Type:
Bullish Rise
Key Levels:
Resistance: 25360
Pivot: 22500
Support: 20750
Preferred Case:
On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 22500 where the pullback support is to the intermediate resistance at 24275 in line with swing high resistance and 61.8% fibonacci projection . Once there is upside confirmation of price breaking intermediate resistance, we would expect bullish momentum to carry price to 1st resistance at 25360 where the pullback resistance, 50% fibonacci retracement , 127.2% fibonacci extension and 78.6% fibonacci projection .
Alternative Scenario:
Alternatively, price could break pivot structure and drop to the 1st support at 20750 where the swing low support, 61.8% fibonacci retracement and 100% fibonacci projection are.
Fundamentals:
Due to the announcement by the Federal Reserve that it was raising interest rates by 0.75 percentage points, we have a bullish view on Bitcoin .
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.