Title: BTCUSD looking at a potential bullish push
Type bullish rise
Preference:
Price broke below the ascending trendline support showing a bearish momentum however, we are expecting price to have a short-term bullish bias towards the 1st Resistance in line with the 78.6% Fibonacci retracement and 78.6% Fibonacci projection. We are also expecting the price to be retest the ascending trendline support now resistance.
Alternative Scenario:
Alternatively, price can reversal back down from the pivot level in line with 38.2% Fibonacci retracement towards the 1st Support level in line with 61.8% Fibonacci retracement.
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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.