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BTCUSD, H4 is seeing bearish pressure, potential for a short term reversal

Edited on September 3, 2021
Desmond L

Preferred case:

Price is holding below the ascending trendline support turn resistance, showing a bearish momentum. Price is expected to push down to the 1st support level in line with the 61.8% Fibonacci extension and 50% Fibonacci retracement level. Our bearish bias is further supported by RSI indicator where the chart is seen to be approaching the resistance level and it is kept under the ascending trendline support turn resistance.

Alternative case:

Alternatively price might push up to 1st Resistance level in line with the 127.2 % Fibonacci extension.

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