Type:
Bearish Drop
Key Levels:
Resistance: 22490
Pivot: 20695
Support: 18890
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 20695 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 18890 where the swing low support is.
Alternative Scenario:
Alternatively, price could rise to 1st resistance at 22490 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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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.