29.07.2022 01:14 PM
BTCUSDT Potential For Bullish Continuation | 29th July 2022

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On the H4, with price breaking the descending channel, and moving above ichimoku indicator, we have a bullish bias that price might rise from our 1st resistance at 24700.55, which is in line with the swing high and 61.8% fibonacci projection. As the price has broken the 50% fibonacci retracement, we could expect the price rise to our 2nd resistance at 25801.92, which is in line with the -27.2% fibonacci expansion. Alternatively, the price may drop to our 1st support at 22846.38, which is in line with the overlap resistance. If the price continues going down, the price may drop to our 2nd support at 20835.58, where the pullback support is.

Trading Recommendation

Entry: 24270.55

Reason for Entry: Swing high and 61.8% fibonacci projection

Take Profit: 25801.92

Reason for Take Profit: -27.2% fibonacci expansionStop Loss: 22846.38

Reason for Stop Loss:

Overlap resistance

Dean Leo,
Analytical expert of InstaForex
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