Micro Bitcoin Futures (MBT1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 24320
Pivot: 22440
Support : 20790
Preferred Case: On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 22440 where the overlap resistance and 61.8% fibonacci retracement are. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 24320 where the overlap resistance and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could drop to the 1st support at 20790 where the overlap support is.
Fundamentals: Due to the weakening US Dollar , we have a bullish view on Bitcoin.
Resistance : 24320
Pivot: 22440
Support : 20790
Preferred Case: On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 22440 where the overlap resistance and 61.8% fibonacci retracement are. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 24320 where the overlap resistance and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could drop to the 1st support at 20790 where the overlap support is.
Fundamentals: Due to the weakening US Dollar , we have a bullish view on Bitcoin.