Bullish Rise

Key Levels:
Resistance: 27225
Pivot: 24315
Support: 22495

Preferred Case:
On the H4, with price moving above the ichimoku indicator and within an ascending channel , we have a bullish bias that price will rise to the pivot at 24315 where the overlap resistance is. Once there is upside confirmation that price has broken pivot structure, we would expect bullish momentum to carry price to 1st resistance at 27225 where the 61.8% fibonacci retracement , -61.8% fibonacci expansion and 161.8% fibonacci extension are.

Alternative Scenario:
Alternatively, price could break drop to 1st support at 22495 where the overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.

Due to the weakening chinese economy, we have a bearish view on Bitcoin . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.