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10.08.202206:20 Forex Analysis & Reviews: BTCUSD Potential For Bullish Continuation | 10th August 2022

Exchange Rates 10.08.2022 analysis

On the H4, with price moving within a bullish channel and RSI moving along an ascending trendline, we have a bullish bias that price will rise from our 1st support at 22560.82 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are to the 1st resistance at 24703.69 where the swing high resistance and 61.8% fibonacci projection are. Alternatively, price could break 1st support structure and drop to 2nd support at 20716.80 where the swing low support, -61.8% fibonacci expansion and 100% fibonacci projection are.

Trading Recommendation

Entry: 22560.82

Reason for Entry:Pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection

Take Profit: 24703.69

Reason for Take Profit:Swing high resistance and 61.8% fibonacci projectionStop Loss: 20716.80

Reason for Stop Loss:Swing low support, -61.8% fibonacci expansion and 100% fibonacci projection

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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