BCOUSD H4 | Potential reversal off Fibo confluence?

TitleBCOUSD H4 | Potential reversal off Fibo confluence?TypeBearish ReversalPreference:Price is rising towards the pivot point of 84.288 which is an overlap resistance that aligns with a confluence of Fibonacci levels i.e. the 78.6% retracement and the 61.8% Projection levels and could potentially reverse from here; we could see momentum carry price down to its 1st support at 81.752 which is a pullback support that aligns close to the 23.6% Fibonacci retracement level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 86.166 which is an overlap resistance that aligns with to the 78.6% Fibonacci projection level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.