Type:
Bullish Rise
Key Levels:
Resistance: 21175
Pivot: 20650
Support: 20135
Preferred Case:
On the H4, with price moving above the ichimoku cloud and within the ascending channel , we have a bullish bias that price will rise to the pivot at 20650 in line with the swing high resistance and 61.8% fibonacci projection . Once we have upside confirmation that price has broken past pivot , we would expect bullish momentum to carry price to the 1st resistance at 21175 where the swing high resistance, 100% fibonacci projection and -27.2% fibonacci expansion are.
Alternative Scenario:
Alternatively, price may drop to the 1st support level at 20135 in line with the swing low support, 61.8% fibonacci projection and 61.8% fibonacci retracement .
Fundamentals:
The on-chain activity dropped by 13 per cent in early July from November's highs - levels last seen in the bear phases of 2018 and 2019, when Bitcoin was worth less than US$10,000, giving us a bearish view 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.