I'm currently observing a strong bullish structure on the weekly timeframe for Bitcoin, trading at $107,305 at the time of writing. The current weekly candle shows aggressive buying pressure, and if this momentum sustains through the close, we could see a continuation toward the $115,200 level.
There’s visible liquidity and unfilled price action around $109,500, which I expect to be taken out as price moves upward. Once cleared, Bitcoin could either:
1. Continue straight to \$115K+, or
2. Briefly retrace before resuming the uptrend.
From a Fibonacci retracement perspective, BTC previously pulled back to the 38.2% level ~$76,000 before launching into the current leg up, a classic continuation signal within an uptrend.
Given the current price action and historical behavior, I’m targeting the following levels:
Short-term target: $115,200
Long-term target (multi-month): $137,200-$137,300
Stop loss and entry would depend on the timeframe of execution, but from a weekly structure, invalidation would occur if BTC breaks below the last major higher low around $98,000-$96,000.
Let’s see how this weekly candle closes. If the momentum holds, the next leg could already be unfolding.
There’s visible liquidity and unfilled price action around $109,500, which I expect to be taken out as price moves upward. Once cleared, Bitcoin could either:
1. Continue straight to \$115K+, or
2. Briefly retrace before resuming the uptrend.
From a Fibonacci retracement perspective, BTC previously pulled back to the 38.2% level ~$76,000 before launching into the current leg up, a classic continuation signal within an uptrend.
Given the current price action and historical behavior, I’m targeting the following levels:
Short-term target: $115,200
Long-term target (multi-month): $137,200-$137,300
Stop loss and entry would depend on the timeframe of execution, but from a weekly structure, invalidation would occur if BTC breaks below the last major higher low around $98,000-$96,000.
Let’s see how this weekly candle closes. If the momentum holds, the next leg could already be unfolding.
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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.