MICRO BITCOIN FUTURES (MBT1!), H4 Potential for bullish rise
Type : Bullish Rise
Resistance : 24315
Pivot: 22430
Support : 20705
Preferred Case: On the H4, with price moving within a bullish channel and expected to bounce off the stochastic support, we have a bullish bias that price will rise from our pivot at 22430 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are to the 1st resistance at 24315 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 20705 where the swing low support, -61.8% fibonacci expansion and 100% fibonacci projection are.
Fundamentals: As investors are looking to reduce risk ahead of the CPI report, we have a bearish view on Bitcoin . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 24315
Pivot: 22430
Support : 20705
Preferred Case: On the H4, with price moving within a bullish channel and expected to bounce off the stochastic support, we have a bullish bias that price will rise from our pivot at 22430 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection are to the 1st resistance at 24315 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 20705 where the swing low support, -61.8% fibonacci expansion and 100% fibonacci projection are.
Fundamentals: As investors are looking to reduce risk ahead of the CPI report, we have a bearish view on Bitcoin . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.