Micro Bitcoin Futures (MBT1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 22420
Pivot: 20785
Support : 18610
Preferred Case: On the H4, with price expected to reverse off the stochastic resistance, we have a bearish bias that price will drop from the pivot at 20785 where the overlap resistance and 38.2% fibonacci retracement are to the 1st support at 18610 where the swing low support and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 22420 where the pullback resistance and 61.8% fibonacci retracement are.
Fundamentals: Due to the weakening US Dollar, we have a bullish view on Bitcoin. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 22420
Pivot: 20785
Support : 18610
Preferred Case: On the H4, with price expected to reverse off the stochastic resistance, we have a bearish bias that price will drop from the pivot at 20785 where the overlap resistance and 38.2% fibonacci retracement are to the 1st support at 18610 where the swing low support and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 22420 where the pullback resistance and 61.8% fibonacci retracement are.
Fundamentals: Due to the weakening US Dollar, we have a bullish view on Bitcoin. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
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