BITCOIN (BTCUSD) Potential for bullish rise | 28th June 2022
On the H1, with prices bouncing off the stochastic support, we have a bullish bias that prices will drop and rise from the buy entry at 19771.44 where the swing low support and 50% fibonacci retracement are to the intermediate resistance at 21724.36 where the swing high support and 78.6% fibonacci retracement are. Should price break intermediate resistance, there will be upside confirmation and we would expect bullish momentum to carry price to take profit at 22966.04 in line with swing high resistance and 78.6% fibonacci projection. Alternatively, price could break entry structure and head of stop loss at 17577.41 where the swing low support and 78.6% fibonacci projection are.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.