09.02.2023 10:01 AM
BTCUSD Potential For Bearish Drop to overlap support

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Description :

Looking at the H4 chart, my overall bias for BTCUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market.

Looking for a sell stop entry at 22545.80, slightly below where the intermediate support is to ride the bearish momentum. Stop loss will be at 23439.00, where the recent high is. Take profit will be at 21310.00, where the overlap support is.

Trading Recommendation

Entry: 22545.80

Reason for Entry: Slightly below where the intermediate support is

Take Profit: 21310.00

Reason for Take Profit: Overlap support

Stop Loss: 23439.00

Reason for Stop Loss:

Recent high

Dean Leo,
Analytical expert of InstaForex
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