BCOUSD Potential for Bearish Continuation| 17th August 2022 for OANDA:BCOUSD by desmondlzw

On the H4, with price moving within the descending channel , below ichimoku cloud and the MACD indicators are under zero, we have a bearish bias that the price may drop from our sell entry at 93.423, which is in line with the swing low and 61.8% fibonacci projection to the take profit at 90.681, which is in line with the 78.6% fibonacci projection . Otherwise, the price may rise to our stop loss at 98.775, which is in line with the overlap resistance and 23.6% fibonacci retracement .

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