Bitcoin is setting up for a two-phase move based on current technical structure:
Trade Setup:
Entry: Long position at high-volume support zone (arrow end)
Target: Return to current levels or higher
Stop Loss: Below the high-volume support area
Rationale: Volume profile analysis shows this as a key value area where most market participants are active
- Phase 1 - Rally to 100k (Yellow Line)
Expect initial bounce to test the psychological 100k resistance level
RSI currently at 56.15 provides room for upward movement
This represents a short-term retest of major resistance - Phase 2 - Drop to High-Volume Support Zone
After rejection at 100k, anticipate decline to the high-volume area shown by the blue arrow
This zone represents maximum buyer/seller activity and should provide strong support
RSI would likely reach oversold conditions, creating mean reversion opportunity
Trade Setup:
Entry: Long position at high-volume support zone (arrow end)
Target: Return to current levels or higher
Stop Loss: Below the high-volume support area
Rationale: Volume profile analysis shows this as a key value area where most market participants are active
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.