empty
 
 
29.07.2022 01:14 PM
BTCUSDT Potential For Bullish Continuation | 29th July 2022

This image is no longer relevant

On the H4, with price breaking the descending channel, and moving above ichimoku indicator, we have a bullish bias that price might rise from our 1st resistance at 24700.55, which is in line with the swing high and 61.8% fibonacci projection. As the price has broken the 50% fibonacci retracement, we could expect the price rise to our 2nd resistance at 25801.92, which is in line with the -27.2% fibonacci expansion. Alternatively, the price may drop to our 1st support at 22846.38, which is in line with the overlap resistance. If the price continues going down, the price may drop to our 2nd support at 20835.58, where the pullback support is.

Trading Recommendation

Entry: 24270.55

Reason for Entry: Swing high and 61.8% fibonacci projection

Take Profit: 25801.92

Reason for Take Profit: -27.2% fibonacci expansionStop Loss: 22846.38

Reason for Stop Loss:

Overlap resistance

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback