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20.12.2022 11:57 AM
BTCUSD Potential For Bearish Drop | 20th December 2022

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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. Expecting price to possibly continue heading towards the 1st support at 15632.00, where the previous swing low is. In an alternative scenario, price could possibly head up towards the 1st resistance at 17297.00, where the 23.6% Fibonacci line is.

Trading Recommendation

Entry: 17297.00

Reason for Entry: Retest 1st resistance line

Take Profit:15632.00

Reason for Take Profit: Previous swing low

Stop Loss: 18373.00

Reason for Stop Loss:

Recent swing high

Dean Leo,
Analytical expert of InstaForex
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