Micro Bitcoin Futures (MBT1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 24315
Pivot: 22430
Intermediate Support: 20740
Support : 18875
Preferred Case: On the H4, with the price moving below the ichimoku cloud and breaking the ascending channel, we have a bearish bias that the price may drop from the pivot at 22430 where the overlap resistance is to the 1st support at 18875 where the swing low support, -61.8% fibonacci expansion and 161.8% fibonacci extension are. Take note of intermediate support at 20740 where the -61.8% fibonacci expansion, 161.8% fibonacci extension, 78.6% fibonacci retracement and swing low support are.
Alternative scenario: Alternatively, price could break pivot structure and rise to the 1st resistance at 24315, where the overlap resistance and 61.8% fibonacci projection are.
Fundamentals: After the minutes of the Federal Reserve's July meeting dashed hopes that looser monetary policy is set to return to the U.S. next year, we have a bearish view on Bitcoin.
Resistance : 24315
Pivot: 22430
Intermediate Support: 20740
Support : 18875
Preferred Case: On the H4, with the price moving below the ichimoku cloud and breaking the ascending channel, we have a bearish bias that the price may drop from the pivot at 22430 where the overlap resistance is to the 1st support at 18875 where the swing low support, -61.8% fibonacci expansion and 161.8% fibonacci extension are. Take note of intermediate support at 20740 where the -61.8% fibonacci expansion, 161.8% fibonacci extension, 78.6% fibonacci retracement and swing low support are.
Alternative scenario: Alternatively, price could break pivot structure and rise to the 1st resistance at 24315, where the overlap resistance and 61.8% fibonacci projection are.
Fundamentals: After the minutes of the Federal Reserve's July meeting dashed hopes that looser monetary policy is set to return to the U.S. next year, we have a bearish view on Bitcoin.