Type:
Bullish Rise
Key Levels:
Resistance: 24615
Pivot: 23500
Support: 22365
Preferred Case:
On the H4, with price moving along an ascending trendline and bouncing from the stochastic support, we have a bullish bias that price will rise from our pivotat 23500 where the overlap resistance is. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 24615 where the swing high resistance is.
Alternative Scenario:
Alternatively, price could drop to 1st support at 22365 where the overlap support and 61.8% fibonacci projection , 38.2% fibonacci retracement are.
Fundamentals:
Cryptocurrency markets on Thursday saw volatility , after experiencing fluctuations during the tensions between China and Taiwan on Tuesday and Wednesday. Major indexes like the S&P 500 , Dow Jones, and NYSE have shed a few percentages today, while the global cryptocurrency market capitalization lost 2.5% in 24 hours, dropping to just above the $1.1 trillion range. Precious metals, on the other hand, traded higher as U.S. president Joe Biden’s administration declared the Monkeypox virus a public health emergency in the United States.
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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.