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Forex Analysis & Reviews: BTCUSD Potential For Bullish Continuation | 11th August 2022
time 11.08.2022 06:54 AM
time Relevance up to, 12.08.2022 06:54 AM

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On the H4, with price moving within a bullish channel as well as above the ichimoku indicator and RSI moving along an ascending trendline, we have a bullish bias that price will rise to our 1st resistance at 24703.69 where the swing high resistance, 50% fibonacci retracement, 61.8% fibonacci projection and 100% fibonacci projection are. Once there is upside confirmation that price has broken 1st resistance structure, we would expect bullish momentum to carry price to 2nd resistance at 26779.85 where the 61.8% fibonacci retracement and 100% fibonacci projection are. Alternatively, price could drop to 1st support at 22560.82 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.

Trading Recommendation

Entry: 24703.69

Reason for Entry:Swing high resistance, 50% fibonacci retracement, 61.8% fibonacci projection and 100% fibonacci projection

Take Profit: 26779.85

Reason for Take Profit: 61.8% fibonacci retracement and 100% fibonacci projection

Stop Loss: 22560.82

Reason for Stop Loss:

Pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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