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03.08.2022 02:44 PM
BTCUSD Potential For Bullish Continuation | 3rd August 2022

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On the H4, with price moving within a bullish channel and bouncing up from the stochastic support, we have a bullish bias that price will rise from our 1st support at 22560.82 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are to the 1st resistance at 24331.68 where the pullback resistance is. Alternatively, price could break 1st support structure and drop to 2nd support at 20716.80 where the swing low support and 100% fibonacci projection are.

Trading Recommendation

Entry: 22560.82

Reason for Entry:Pullback support, 50% fibonacci retracement and 61.8% fibonacci projection

Take Profit: 24331.68

Reason for Take Profit:Pullback resistance

Stop Loss: 20716.80

Reason for Stop Loss:

Swing low support and 100% fibonacci projection

Dean Leo,
Analytical expert of InstaForex
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