MICRO BITCOIN FUTURES (MBT1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 22485
Pivot: 20720
Support : 18870
Preferred Case: On the H4, with price breaking out of a bullish channel and moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 20720 where the 161.8% fibonacci extension and swing low support are. Once we have downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 18870 where the swing low support, -61.8% fibonacci expansion and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 22485 where the pullback resistance, 61.8% fibonacci projection and 38.2% fibonacci retracement are.
Fundamentals: Since institutional investors have been pulling out of Bitcoin for the past two weeks, we have a bearish outlook on Bitcoin.
Resistance : 22485
Pivot: 20720
Support : 18870
Preferred Case: On the H4, with price breaking out of a bullish channel and moving below the ichimoku indicator, we have a bearish bias that price will drop to pivot at 20720 where the 161.8% fibonacci extension and swing low support are. Once we have downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 18870 where the swing low support, -61.8% fibonacci expansion and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 22485 where the pullback resistance, 61.8% fibonacci projection and 38.2% fibonacci retracement are.
Fundamentals: Since institutional investors have been pulling out of Bitcoin for the past two weeks, we have a bearish outlook on Bitcoin.
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