Title
BCOUSD H4 | Overlap Resistance at 61.8% Fibonacci Retracement

Type
Bearish Reversal

Preference:
Price is rising towards the pivot point of 80.36 which is an overlap resistance that aligns with the 61.8% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 77.84 which is a pullback support level.

Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 82.02 which is a pullback resistance that sits above the 78.6% Fibonacci retracement level.

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